Nearly $500 billion in commercial real estate debt is set to mature in 2024, presenting challenges for refinancing. Higher interest rates and tighter liquidity have made new transactions and refinancing maturing loans more difficult. Some analysts compare the current environment to past downturns, with delinquency rates potentially reaching 7%. Commercial real estate stocks declined from late December peaks, with office ETFs underperforming broader real estate and the S&P 500. Uncertainty around the timing of potential Fed rate cuts in 2024 also impacted commercial real estate stocks.