Office CMBS delinquency rate smashes record 12.3% — 1.6 points worse than 2008 GFC peak and quadrupled since 2022.

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Office CMBS delinquency rate hit 12.3-12.34% in early 2026, new all-time high.

This beats previous 2008 GFC peak of around 10.7%.

Rate surged from roughly 1.6% in mid-2022, more than 7x increase in under 4 years.

Downtown offices suffer most due to hybrid work and high vacancies around 20%.

Many loans from low-rate pandemic era now face higher refinancing costs and falling values.

Analysts expect peak around 12-13% before any stabilization later in 2026.