The delinquency rate on commercial mortgage-backed securities (CMBS) for offices jumped to a record 11.0% in December.

Default rates on these loans have now increased by 9.4 percentage points over the past 2 years. This places the delinquency rate above the peak of 10.7% in December 2012. Moreover, default rates on these loans are rising twice as fast as during the 2008 financial crisis. Overall, there were more than $2 billion in office loans that became newly delinquent in December 2024. The commercial real estate crisis is worsening.

Source Kobeissi newsletter

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