As the COVID-19 pandemic began roiling US markets in March, few areas were hit harder or more swiftly than the commercial real estate (CRE) and CMBS markets. At the end of March, we published research demonstrating an already profound hit to several real estate sectors. Looking ahead, the length and depth of the economic downturn is still uncertain, and prospects for some real estate sectors remain dim. However, more recent data points to a steady recovery in other US real estate sectors.