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Why are commercial real estate stocks still doing fine?

Many believe commercial real estate is going down soon with wfh trends and several groups defaulting on their loans (Hilton San Francisco).

Residential real estate is better, but definitely not a hot market either with such high interest rates.

But why are commercial real estate stocks like $CBRE, $XLRE, $BX doing fine? What stocks should I look to short if I’m bearish on CRE? $CBRE Group(CBRE.US)$ $Real Estate Select Sector Spdr Fund (The)(XLRE.US)$
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