BREAKING: The delinquency rate on Commercial Mortgage-Backed Securities (CMBS) for offices jumped +103 basis points in January, to a record 12.3%. This surpasses the post-2008 Financial Crisis peak by 1.6 percentage points. The CMBS delinquency rate has soared +600% over the last 3 years. Meanwhile, the delinquency rate for multifamily CMBS rose +30 basis points, to 6.9%, the 3rd-highest since December 2015. The overall US CMBS delinquency rate increased +17 basis points, to 7.5%, the highest in at least 5 years. The commercial real estate crisis is in full swing.