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A significant commercial real estate crash is anticipated in 2023, similar to the 2008 subprime mortgage crisis in residential real estate. This upcoming crisis is expected to stem from issues related to commercial mortgage-backed securities. The demand for commercial real estate has diminished due to increased flexible work arrangements and a shift towards digital business models. As a result, many commercial landlords are facing financial difficulties. Recently, it was reported that a major commercial real estate landlord in the U.S. has defaulted on their obligations, highlighting the severe challenges in the market.