Is CRE the canary in the coal mine?

CRE is under the spotlight at the moment (especially office): $1.5 Trillion to be refinanced in the next couple of years under tighter financial conditions. Will it be the first asset class to break and drag the rest of the financial system with it (finally deflating the epic asset bubble)? Or lenders are going to do a successful damage control? What do you guys think?

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