Think of it that way - until you haven't climbed on the scale, you haven't gained weight, even if your pants are bursting at the seams.

At some point, you don't need to stand on the scales for it to be obvious you are a fat bastard. Ditto, it's obvious to all that commercial property has lost a huge amount of value.

I suggest that like the dotcom/2008/AI bubbles, people will just keep dancing and making money until reality catches up and the music stops.