Commercial real estate is cracking harder.
Multifamily CMBS delinquencies hit 8.1% in October—highest since 2016. That's a 4x jump from 2024.
Office CMBS? Even uglier. Delinquencies spiked to 12.3%, matching the all-time high from January. For context, the peak after the 2008 crisis was only 10.8%.
This isn't stabilizing. It's accelerating.
When buildings can't cover their debt and lenders start taking losses, it ripples through banks, REITs, and eventually the broader market. We're watching a slow-motion unwind in real time.
Keep an eye on regional banks with heavy CRE exposure. This story isn't over.
Multifamily CMBS delinquencies hit 8.1% in October—highest since 2016. That's a 4x jump from 2024.
Office CMBS? Even uglier. Delinquencies spiked to 12.3%, matching the all-time high from January. For context, the peak after the 2008 crisis was only 10.8%.
This isn't stabilizing. It's accelerating.
When buildings can't cover their debt and lenders start taking losses, it ripples through banks, REITs, and eventually the broader market. We're watching a slow-motion unwind in real time.
Keep an eye on regional banks with heavy CRE exposure. This story isn't over.
