Office CMBS Delinquency Rate Climbs to 11.71% in March
The office Commercial Mortgage-Backed Securities (CMBS) delinquency rate rose by 51 basis points, reaching the second-highest level on record and moving above the 2012 post-crisis peak.
Fact Check
The core numerical claim is strongly supported by Trepp-citing coverage in Trepp: CMBS Delinquency Rate Increases and CMBS delinquencies climb again, both of which state that the office CMBS delinquency rate rose 51 basis points to 11.71% in March 2026. The historical comparison is also supported by Quick Hits | Office CMBS Delinquencies Hit Record Highs, Breaking from Post-GFC Trends, which says March 2026's 11.71% was above the prior cycle high of about 10.7% in late 2012. That same Colliers source adds important nuance: January 2026 reached 12.34%, meaning March was not the all-time high but remained near record levels. This aligns with the user's wording that March reached the second-highest level on record and moved above the 2012 post-crisis peak.
Summary
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Terms & Concepts
- Commercial Mortgage-Backed Securities (CMBS): Structured debt products backed by pools of commercial property loans, including office buildings, retail centers, and hotels.
- Delinquency rate: The share of loans that are overdue on required payments, often used as a stress indicator in credit markets.
- Basis points: A unit equal to one-hundredth of a percentage point, commonly used to describe changes in interest rates or credit metrics.