Hartnett: Commercial Real Estate Is The Next Shoe To Drop (subscribers only, really all you need to know...)

Echoes Of New Century's Collapse Amid Sudden Firesale Of Real Estate Loans As Morgan Stanley Sees 40% Downside (subscribers only)

Commercial Real Estate Faces Perfect Storm: The Demise Of Downtown Office Buildings

A Record 30% Of San Francisco Office Space Is Vacant

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.