We spent the last week digging into what's actually happening in the market. Not the headlines. The real data. And what we found is wild. Distressed office sales just topped $5 billion in foreclosure and bankruptcy-related trades in 2025 alone. 2026 is already outpacing that. Over 200 distressed office properties changed hands. Buildings that were worth nine figures five years ago are now trading at fractions of those prices. Downtown Chicago towers under $30 per square foot.

Denver and D.C. assets at prices that would have been unthinkable a decade ago. New York is converting its way through the problem. David Werner is picking up older Manhattan office buildings at steep discounts, his latest Hell's Kitchen deal closing at roughly a third of its 2018 price. One Whitehall Street just went into contract for just over $100 million for a rental conversion. 55 Broad Street saw a $500 million recapitalization with institutional capital stepping in. But not everyone's playing the conversion game. Investors like Igal Namdar just dropped $280 million on 250 West 57th Street with no conversion thesis. Just a bet that today's pricing leaves enough room for upside regardless of use. Two different playbooks. Same market moment.

Chicago and L.A. are the deepest in the hole. South Florida is sitting it out, waiting for better visibility on rates. The market is in a moment of transition. Price discovery is happening. Deals that were frozen for years are finally moving. And if you've been in commercial real estate and capital raising for any amount of time, you know there used to be pivotal events. Industry gatherings where relationships compounded and deals got done. A lot of those events are gone now. Sunsetted. Minimized. There's a vacuum. That's exactly why C.R.E.I.C. matters right now. This is the new anchor event for people who no longer have one. And the people who move first on sponsorships and VIP tickets? They're going to be the ones positioned to capitalize on what's happening.

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CREIC | Commercial Real Estate Investment Conference
Miami | November 6-7, 2026
500 seats. Free general admission. Spots are limited.
creicmiami.com