Commercial Mortgage-Backed Securities (CMBS) for office properties experienced a 9-basis-point rise in delinquency rates throughout August, bringing the total to 12.0%. This measurement marks the second-highest reading in the history of the asset class.
The current delinquency level remains only 30 basis points below the all-time record of 12.3% reported in January 2026. This latest data indicates that the office CMBS delinquency rate has expanded to six times its previous levels.