Quick Hits | Office CMBS Delinquencies Hit Record Highs, Breaking from Post-GFC Trends

Office remains the primary source of stress within the CMBS market, even as delinquency rates eased modestly from recent highs. According to Trepp, the office CMBS delinquency rate stood at 11.71% in March 2026, down from the 12.34% peak reached in January, but still well above prior cycle highs and firmly within…