Barry Sternlicht, Chairman and CEO, Starwood Capital Group, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 3, 2022.PATRICK T. FALLON/AFP via Getty Images Billionaire Starwood CEO Barry Sternlicht sees losses on office properties hitting $1 trillion, per Bloomberg. The billionaire slammed the Fed for leaving a "serious mess" in the real estate market. Office values have plummeted as remote work proves to be a lasting legacy of the pandemic. The ailing office market is headed for $1 trillion of losses, billionaire and Starwood Capital CEO Barry Sternlicht said.