But the market shouldn’t enter a “doom spiral” that craters the larger economy the way the housing crash did in 2008, according to leading experts on commercial real estate speaking at the National Association of Real Estate Editors meeting in Las Vegas this week.
For starters, the value of the residential real estate market, which sank the economy in 2008 is around $43 trillion, while the entire commercial real estate market is worth about $21 trillion, Barkham said. The pain will be mostly concentrated in office space, with about 15% to 20% of the current office supply obsolete given current demands, Barkham said.
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