Commercial mortgage-backed securities for office properties saw a significant increase in delinquency rates during March, climbing 51 basis points to reach 11.71%. This figure represents the second-highest level ever recorded for the sector.
The current delinquency rate now sits 1.0 percentage point above the previous peak established in 2012 following the 2008 financial crisis. This surge highlights growing pressure on the commercial real estate market as defaults continue to climb past historical benchmarks.