US Office Loan Delinquencies Just Hit 12.2%
America’s office property market is showing serious signs of stress.
The delinquency rate on office loans bundled into commercial mortgage-backed securities (CMBS) climbed to 12.2% in September, up from 12.0% in August.
Here’s what makes this concerning:
- The Financial Crisis-era peak was 10.7%.
- January 2026 holds the record at 12.3%.
- September’s rate is now the second highest ever recorded.
Rising refinancing costs, struggling office properties, and pressure on borrowers continue to weigh on the commercial real estate market.
This doesn’t automatically mean another financial crisis is coming, but it highlights a growing risk that investors and lenders cannot ignore.
If these problems spread further, the impact could extend beyond office buildings into lending and credit markets.
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America’s office property market is showing serious signs of stress.
The delinquency rate on office loans bundled into commercial mortgage-backed securities (CMBS) climbed to 12.2% in September, up from 12.0% in August.
Here’s what makes this concerning:
- The Financial Crisis-era peak was 10.7%.
- January 2026 holds the record at 12.3%.
- September’s rate is now the second highest ever recorded.
Rising refinancing costs, struggling office properties, and pressure on borrowers continue to weigh on the commercial real estate market.
This doesn’t automatically mean another financial crisis is coming, but it highlights a growing risk that investors and lenders cannot ignore.
If these problems spread further, the impact could extend beyond office buildings into lending and credit markets.
$STRK
$PUMP
$BR