Commercial-real-estate owners are cheering as interest rates finally start to fall. Yet relief is coming too late for many highly indebted property investors like the owners of 145 South Wells, an office tower in downtown Chicago.

The full extent of the benefits to real estate investment of lower rates will also depend on whether the Fed sticks a soft landing.

Last week's interest-rate cut puts CRE on the doorstep of a recovery, but recoveries take a little bit of time, and as one CEO said, commercial real estate is an industry that tends to have a bit of lag time.