Anecdotally, I've heard a lot of people point to the CRE bubble right up there with PE and student debt. I would imagine that cumulatively in the US there will

Anecdotally, I've heard a lot of people point to the CRE bubble right up there with PE and student debt. I would imagine that cumulatively in the US there will be hundreds of billions in defaults before this all blows over, which could easily be 12 months before even bottoming out. Edit: yeah I'm going to bump that to a couple tril in defaults if the aggregate market is actually 15-17T (as of late 2018 per https://www.reit.com/data-research/research/nareit-research/estimating-size-commercial-real-estate-market-us https://www.reit.com/data-research/research/nareit-research/...