It probably won’t be as bad as the early-1990s commercial real estate collapse.

But local bank and real-estate leaders are bracing for conditions to worsen within the local commercial real estate market that’s already seen Boston’s John Hancock Tower and Waltham’s Bay Colony Corporate Center dumped by owners due to heavy debt, tight credit, and falling building rents and values.

“There’s no way in hell with rents and values falling by up to 50 percent that landlords will be able to get new debt financing,” said Joseph Sciolla, managing director of CresaPartners, a commercial real estate brokerage firm. “They’ll either have to get lots of equity or give the keys back.”

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