Both CRE and RRE are doing the Wile E. Coyote levitating thing for now, mostly due to banks and investors being able to delay a reckoning. Used cars got hit first because it's harder to pretend they are a good asset to hold. But it's coming. Enthusiasts of converting CRE will be disappointed because RRE is already overbuilt in some boomtowns. Only truly abandoned CRE will be economical to convert, and that will further delay widespread conversion. The earliest projects will be selected for low risk. The bottom is somewhere below pre-pandemic prices.