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“It’s Going To Be Ugly”: Commercial Real Estate Predictions Turn Dire


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Over the past several months we’ve seen a series of progressively negative headlines over the commercial real estate – predictions becoming more and more dire.

Blackstone, of course, is waiting with dry powder for the “largest ever” real estate drawdown.

Now, according to one CEO of a real estate investment firm, things could get as bad as what was seen during the 2008 financial crisis.

“Unfortunately in the situation, we’re in, things need to bottom out, and they haven’t bottomed out yet,” said Patrick Carroll, the CEO of the real estate investing firm Carroll, in a Thursday interview with CNBC, adding that while some areas of CRE could remain intact, such as multifamily housing, areas such as offices and hotels could be “destroyed,” as the sector grapples with tighter credit conditions and a cascade of debt maturities.

“It’s going to be ugly. It’s going to be at least as bad as ’08, ’09,” he warned.

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