The buzz from exuberant attendees at the CREFC conference in Miami Beach earlier this month was that the glass is half-full for the commercial real estate market as broader economic and sector-specific fundamentals improve rapidly. But the mood was markedly different at the Structured Finance Industry Group’s inaugural event in Las Vegas as a more sober group of executives looked at the same stats, telling REFI that they believe the glass is actually half-empty for the sector.

“It was certainly an exuberant bunch [at CREFC] and....

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