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In 2023, a significant crisis in commercial real estate is anticipated, likened to the 2008 subprime mortgage crisis for residential real estate. This looming commercial mortgage-backed security crisis is driven by banks having issued substantial loans to commercial landlords, but demand for commercial real estate is declining. Factors contributing to this trend include increased remote work and digital business models, leading to reduced need for office spaces. Recently, a major US commercial real estate landlord has defaulted, signaling further troubles in the sector. It is essential to monitor these developments closely.