Blackstone Inc.’s $69 billion real estate trust hit a monthly redemption limit in January, as the firm’s crown jewel continues to wrestle with a line of investors seeking to get money out.

Some of the biggest investors in US commercial real estate are looking to cash in before property values slide further.

Pain is deepening across the US real estate industry. Two of the biggest players — Blackstone Inc. and Wells Fargo & Co. — took steps this week to contend with weaker demand as the industry faces a rapidly cooling property market, rising interest rates and waning investor appetite.

The cost of debt on commercial property has risen so fast that it’s now more expensive to finance many real estate deals than owners currently earn from rents.

Mortgage rates in the US surged the most in more than three decades, ratcheting up pressure on would-be homebuyers and cooling the housing market.