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The speaker predicts a significant commercial real estate crash in 2023, likening it to the 2008 subprime mortgage crisis. They express concern over a potential crisis in commercial mortgage-backed securities due to banks lending billions to commercial landlords. Factors contributing to this crisis include the rise of remote work and flexible workplace arrangements, which reduce the demand for commercial real estate. The speaker highlights recent news about a major US commercial real estate landlord defaulting on loans, emphasizing the gravity of the situation. Overall, the commentary underscores the shifting landscape in commercial real estate and its implications for the market.