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.