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Office CMBS Delinquencies Surpass September 2012’s All-Time High
The office CMBS delinquency rate rose to a new all-time high of 8.89% in July 2026, surpassing the previous peak of 8.83% recorded in September 2012 and up from 8.0% a year earlier, reported Fitch Ratings. Fitch’s overall U.S. CMBS delinquency rate increased 16 basis points to 3.49% in July from 3.33% in June, due primarily to new office delinquencies and the default of a large mixed-use portfolio SASB loan
New 60+ day delinquency volume increased to $2.82 billion in July from $2.09 billion in June, led by office (40%, $1.12 billion), mixed-use (26%, $728 million), multifamily (14%, $405 million) and retail (10%, $274 million). Term defaults accounted for 67% ($1.88 billion) of new delinquencies, while maturity defaults represented 33%.
Resolution volume declined to $1.54 billion in July from $1.63 billion in June. July resolutions included $785 million of loan liquidations, $677 million of loans brought current and $77 million of previously 60+ days delinquent loans removed from Fitch’s index after improving to 30 days delinquent.
- ◦Financing
