Every aspect of real estate 'is going to get whacked' as savings vanish, billionaire investor says

• Billionaire investor Jeff Greene says to expect discounts through real estate, as consumer savings fall.
• Discounts on office spaces will also be fueled by remote work, told CNBC.
• "In the next 12 to 24 months, you're going to see some extraordinary opportunities to buy."

Real estate investors should be on the lookout for a wave of distress to create opportunities in the sector, billionaire investor Jeff Greene said on Wednesday.

That's not just because remote work is fueling a rise in office vacancies; at the same time, the trillions of dollars injected into the economy during the pandemic are gradually used up, fueling a retreat from virtually all property sectors. 

"What's that going to mean for demand for everything? Retail, office, apartments — every aspect of real estate is going to get whacked, and I think we're just in the first inning," the real estate mogul told CNBC. 

According to Greene, the injection of funds during the COVID pandemic boosted spending, but declining funds lowers a demand for offices. 

Demand for commercial real estate is further pulled down by the continued prevalence of remote work, with 20%-25% of US employees still working from home. As office leases expire over the next decade, vacant spaces will jump by 267 million square feet, Goldman Sachs said this week.

Discounts won't affect the office market equally, Greene said, noting that trophy properties won't see the same heavy price drops as older real estate. 

"I think when it comes to the B and the C properties, the worst is yet to come," he said, citing that such properties may have to face a complete lack of tenants, and, therefore, a lack of bids. Instead, value will come from how offices can be repurposed, as has begun happening in some areas.

"I would say you know, hold on to your cash and get ready cause there'll be some — my guess is, in the next 12 to 24 months — you're going to see some extraordinary opportunities to buy," he said.

Greene is reputed for predicting the 2008 housing bubble, on which he made $800 million. Having warned of an impending recession over the summer, he told CNBC that the decline of COVID-era investments will fuel unemployment.