For all its ups and downs, U.S. commercial real estate enjoyed another banner year in 2016, thanks in large part to the unprecedented run in multifamily rents and property values and the fact that the U.S. continues to be viewed as a ‘safe haven’ by global property investors.

But it was also marked by continued distress in the retail property sector as the ‘creative destruction’ forces unleashed by Amazon and other internet retailers continued their inexorable impact on traditional bricks-and-mortar stores.

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