The sector, 'already facing headwinds' from the pandemic's work-from-home shift, is expected to face 'huge hurdles,' according to a new Morgan Stanley report.
Morgan Stanley's chief investment officer is predicting that the commercial real estate sector is facing an economic crash worse than the 2008 financial crisis.
Regional banks holding a significant number of commercial real estate loans in their portfolios are forecasted to face particular turbulence. "Commercial real estate, already facing headwinds from a shift to hybrid/remote work, has to refinance more than half of its mortgage debt in the next two years," Lisa Shalett, chief investment officer for Morgan Stanley Wealth Management, wrote in a weekly report published Monday.
Fears that the sector could be the next domino to fall have continued to grow in the wake of last month's bank tumult, as many anticipate how climbing interest rates will continue to take their toll on various markets.
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