As the pandemic continues to trouble the world’s economies and challenge policymakers, the advent of effective vaccines in the U.S. has, for now, led to a significant decline in daily new cases and has helped push state and local economies to finally reopen. These developments have caused a change in mindset within the U.S. commercial real estate (CRE) market as investors have adapted to a more constructive outlook. It was only a year ago that CRE was one of the most impacted financial sectors, with almost every property type experiencing a profound disruption. Some of these disruptions will be temporary, while other pre-pandemic trends accelerated and will persist for the foreseeable future. Fortunately, there is more clarity today relative to the uncertainties we faced a year ago. In this report, the Commercial Mortgage-Backed Securities/Commercial Real Estate team at DoubleLine evaluates where the sector stands today. We provide our observations and assessment of the current CRE landscape and outlook for opportunities within the CRE debt markets.