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The text discusses an impending crisis in commercial real estate, drawing parallels to the 2008 subprime mortgage crisis in residential real estate. The speaker predicts a commercial mortgage-backed security crisis in 2023 due to significant changes in work patterns, such as remote and flexible work arrangements, which have reduced the demand for commercial spaces. The shift to online and digital operations by many businesses further exacerbates this decline. Additionally, there has been a significant development, as a major commercial real estate landlord in the US has defaulted on a loan, highlighting the severity of the issues in this sector.