CMBS Delinquencies Climb as Market Stress Spreads Beyond Office

The latest data from Trepp shows October brought another wave of distress across the CMBS landscape, signaling that what began as an office-sector problem is now becoming a broader market challenge. Widening cracks: In October 2025, the overall CMBS delinquency rate climbed 23 basis points to 7.46%, driven by a $1.1 billion rise in delinquent…

Commercial real estate lending picked up speed in Q2, led by alternative lenders and banks, even as early-spring policy jitters temporarily slowed the pace. Market rebounds after brief pause: The CBRE Lending Momentum Index posted a 45% year-over-year jump to 275—well above its five-year pre-pandemic norm—despite a modest 6% pullback from Q1. The slowdown in…

Despite a cooling in lending activity, total debt tied to commercial real estate continues to climb, edging closer to the $5 trillion mark. Debt Growth Persists: According to the Mortgage Bankers Association (MBA), commercial and multifamily mortgage debt outstanding increased by $46.8 billion in the first quarter of 2025, bringing the total to a record…