"Bifurcated" seems to be a popular buzzword these days - it's mostly used as a euphemism for "pricing for vacant assets is poor" - and it crops up in discussions of the capital markets most often. Of course bifurcation is just a discussion of divisions within markets. The one that gets discussed most often is the division between well-leased assets and assets with a lot of vacancy. There has been demand for the former and less demand for the latter.
The other bifurcation I see emerging, that does not receive as much discussion, is between primary market and asset classes and secondary markets and asset classes. The spread between markets and asset classes narrowed at the top of the cycle and has in turn expanded through this phase. I expect this difference to be somewhat persistent since I expect distress to be more concentrated in secondary markets and act as a damper on pricing.