US commercial mortgage-backed securities office delinquency rate hit 12.0% in August, near all-time highs, signaling intensifying commercial real estate stress.
Macro & Markets ·
US commercial mortgage-backed securities tied to office properties reached a 12.0% delinquency rate in August, marking the second-highest level ever recorded and trailing only a 12.3% peak from January 2026. The monthly increase of 9 basis points reflects mounting stress in the sector, with the current delinquency rate sitting 6 times higher than early 2023 levels and exceeding the post-2008 financial crisis peak of roughly 10.8%. Across all US CMBS categories, the delinquency rate climbed to 7.9%, more than double the 2022 level and the highest since early 2021, representing the worst reading in 13 years when excluding the 2020 pandemic period.