This chart shows the contribution of the commercial real estate spread to the CFSI. This spread is measured as the difference between the price of commercial property (NCREIF Commercial Property Index) and 20-Year US treasury. It captures the risk associated with investing in commercial real estate relative to a risk free instrument.
Release: Cleveland Financial Stress Index
Federal Reserve Bank of Cleveland, Contributions to the Cleveland Financial Stress Index: Commercial Real Estate Spread [CRESD678FRBCLE], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/CRESD678FRBCLE/, August 31, 2015.