Honestly, I'm not familiar with commercial real estate market. Vicky is the master on this topic.
My unprofessional opinion is that the price of urban center/downtown commercial property should go up due to the unique location and prevailing easing monetary policies around the world for the next 3-5 years. The suburban commercial property price will likely remain flat due to the death of traditional retailers in shopping malls during pandemic. But, overall, I don't think any RE price will decline substantially for the next 3-5 years, given the current unprecedented super duper easing macro environment.
The problem is that it might be hard to efficiently benefit from this trend, particularly for the commercial RE. While the property value is definitely a material bottom for the stock price of Macy's and The Bay, the M share price will only fly when the retailing business improves.
On the other hand, if you want to invest in this market via REIT, you will have to forego the advantage of leveraging which is the crucial edge when you directly buy residentail properties yourself.