BREAKING: The delinquency rate on Commercial Mortgage-Backed Securities (CMBS) for offices surged +63 basis points in October, to a record 11.8%. This is now over a full percentage point above the post-2008 Financial Crisis peak of 10.7%. Since October 2022, the CMBS delinquency rate has skyrocketed +10 percentage points. At the same time, the delinquency rate for multifamily CMBS jumped +53 basis points, to 7.1%, the highest since December 2015. The overall US CMBS delinquency rate rose +23 basis points, to 7.46%, the highest in at least 4 years. The commercial real estate crisis is worsening.