The Kobeissi Letter(@KobeissiLetter):BREAKING: The delinquency rate on Commercial Mortgage-Backed Securities (CMBS) for offices rose +9 basis points in August, to 12.0%, its 2nd-highest reading on record. This is now only below an all-time high of 12.3% set in January 2026. The CMBS delinquency rate is now 6 times higher than it was in early-2023. By comparison, the post-2008 Financial Crisis peak was ~10.8%. Meanwhile, the overall US CMBS delinquency rate has more than doubled since 2022, to 7.9%, its highest since early 2021. Excluding the 2020 pandemic, this is the highest delinquency rate in 13 years. The commercial real estate downturn is intensifying.

2026.09.29 13:39

BREAKING: The delinquency rate on Commercial Mortgage-Backed Securities (CMBS) for offices rose +9 basis points in August, to 12.0%, its 2nd-highest reading on record. This is now only below an all-time high of 12.3% set in January 2026. The CMBS delinquency rate is now 6 times higher than it was in early-2023. By comparison, the post-2008 Financial Crisis peak was ~10.8%. Meanwhile, the overall US CMBS delinquency rate has more than doubled since 2022, to 7.9%, its highest since early 2021. Excluding the 2020 pandemic, this is the highest delinquency rate in 13 years. The commercial real estate downturn is intensifying.