With the stock market in retreat in 2022, the concept of a bear market has been very much on the minds of investors. While a bear market in equities is well defined, the concept is not so clear for commercial real estate. In fact, the phrase ‘bear market’ is not typically used to describe a decrease in commercial real estate values. Investors more commonly refer to a ‘downturn’ in property values, or to the end of a real estate bubble.