Office CMBS delinquencies hit 12.0% in August—just shy of the all-time high of 12.3% from January. That's 6x higher than early 2023 and worse than the post-2008 peak of 10.8%.
Overall US CMBS delinquencies doubled since 2022 to 7.9%—highest in 13 years outside the pandemic.
Commercial real estate stress isn't easing. It's accelerating. Office buildings especially are getting hammered as remote work reshapes demand and higher rates squeeze refinancing.
This isn't just a headline. It's a structural shift playing out in slow motion across balance sheets, regional banks, and property valuations.
Overall US CMBS delinquencies doubled since 2022 to 7.9%—highest in 13 years outside the pandemic.
Commercial real estate stress isn't easing. It's accelerating. Office buildings especially are getting hammered as remote work reshapes demand and higher rates squeeze refinancing.
This isn't just a headline. It's a structural shift playing out in slow motion across balance sheets, regional banks, and property valuations.
