Office CMBS Delinquency Rate Re-Spikes To 12.2%, Far Worse Than Financial Crisis Peak As End Of Extend-And-Pretend Looms
ZeroHedge·
- The US office commercial mortgage-backed securities delinquency rate reached 12.2% in September 2026, driven by major maturity defaults including a $1.1 billion Hollywood loan and a $470 million Houston loan.
- High interest rates and expiring tenant leases, such as those for Netflix and 20th Century Fox, have severely exacerbated refinancing challenges and property vacancies.
- Lenders are increasingly abandoning the "extend-and-pretend" strategy, leading to a market consensus that properties must be sold at current prices.