Commentary
The delinquency rate for commercial mortgage-backed securities (CMBS) tied to office properties reached 10.4 percent in November, approaching the 10.7 percent peak reached during the 2008 financial crisis. The ascent is the fastest two-year increase on record, with rates climbing by 8.8 percentage points since late 2022, significantly outrunning the 6.3-point rise seen during the financial crisis nearly 15 years ago.
