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The speaker forecasts a significant commercial real estate crash in 2023, drawing parallels to the 2008 subprime mortgage crisis. The primary concern is a looming crisis in commercial mortgage-backed securities, as banks have lent substantial sums to commercial landlords. Due to the increase in remote and flexible working arrangements, there is decreased demand for commercial real estate, with many businesses shifting online. Recently, news emerged that a major commercial real estate landlord in the U.S. has defaulted, highlighting the severity of the situation and the potential repercussions for the sector.