The commercial real estate market may be heading for a crash, with the fallout potentially as bad as the 2008 crisis, according to Patrick Carroll, CEO of real estate investment firm Carroll. With huge amounts of commercial mortgage debt reaching maturity in the coming years, Carroll warns that areas like offices and hotels will be "destroyed," while some areas like multifamily housing could stay intact. Industry experts have also sounded the alarm, with Morgan Stanley warning of a potential 40% plunge in commercial estate prices, and Bank of America clients pulling over $450m from real estate stocks after the fall of Silicon Valley Bank.
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