Navigating Recession: Insights from Experts.

CBRE's chief global economist Richard Barkham predicts a mild recession in 2023, but long-term factors like an "economic revival" in 2024 will benefit commercial and residential real estate. However, real estate values will decrease during the recession, with office values potentially falling by more than a third. Multifamily housing is oversupplied, which could freeze rent increases in certain markets. Despite this, values should rebound "relatively quickly" compared to other slumps, with industrial taking two years, multifamily three years, and retail four years. Offices could take nine years to recover their values.