The stock market's upward march is starting to look like the housing market before it crashed, real estate investor Sam Zell told CNBC's "Closing Bell" on Wednesday.
"This feels like the housing market of 2006," he said. "Everybody feels they can't afford to miss it."
Though he wouldn't predict where equities will go, Zell sees a strong resemblance to housing, telling CNBC, "We are suffering through another irrational exuberance." While daily headlines now trumpet new highs for the stock market, he said, seven years ago they were about the rise in home prices.
Zell also said that the Federal Reserve's money-printing is debasing the currency and will reduce its buying power, eventually leading to inflation.
(Read More: Fed Keeps Easing, Not Worried About Stock Bubble)
"The Federal Reserve is manipulating the system," he said. "The question is how long can they get away with it.
"We're seeing a tsunami of liquidity," Zell added. "But I don't know that necessarily means things are better."
Turning to real estate, Zell said commercial real estate is in the middle of a very major transition.
"Basically, we built no office space since 2007, and yet we've also seen no increase in rate and relatively small increase in occupancy," as usages change, he said.
Zell also said, "This whole e-commerce scenario is having a dramatic impact on the retail real estate business."