Morgan Stanley has released a warning about the real estate market, predicting a potential apocalypse.

A new report from Morgan Stanley Wealth Management warns of an imminent collapse in the US commercial real estate sector that will be worse than the 2008 financial crisis. The report predicts that over 50% of $2.9tn of US commercial mortgages will be due for refinancing in the next few years, and with new lending rates expected to be up to 4.5% higher than existing mortgages, the sector is facing “a huge refinancing wall.” Factors such as sluggish demand for office space due to remote working and rising maintenance costs are also contributing to the looming crisis.