Commercial-real-estate owners are cheering as interest rates finally start to fall. Yet relief is coming too late for many highly indebted property investors like the owners of 145 South Wells, an office tower in downtown Chicago.

Last week's interest-rate cut puts CRE on the doorstep of a recovery, but recoveries take a little bit of time, and as one CEO said, commercial real estate is an industry that tends to have a bit of lag time.

As the leaves start to change for the start of the Fall season, mortgage interest rates are seeing some changes as well. READ MORE:

"Everybody's happy" about the Federal Reserve's rate cut – at least in real estate – potentially opening the floodgates to more housing inventory and price competition.

Greg Friedman is CEO of Peachtree Group, a real estate investment firm. The need for the commercial real estate industry to recalibrate is becoming urgent. A record $1.5 trillion in commercial real estate loans are set to mature over the next 18 months.

David Steinbach of Hines discusses the U.S. Federal Reserve's September interest rate cut and what this means for investor interest in the real estate market.