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