By 2030, there could be 1 billion square feet of unused office space in the U.S., according to a report released in early 2023 by global real estate firm Cushman & Wakefield. And that’s just one piece of the struggling commercial real estate market, which some analysts, research firms, and industry experts are worried will crash this year.
One billionaire real estate investor is gravely concerned about the commercial industry in particular. Real estate tycoon Jeff Greene, who bet against the mid-2000s housing bubble and netted about $800 million, told CNBC Tuesday that we’re only in the very early stages of the commercial real estate correction.
