Research Brief: CRE Distress Update – September 2025

Delinquency is rising, but distress sales are uncommon. While the number of trades of financially or operationally challenged commercial properties has increased since the pandemic, these distressed transactions have not become as prevalent as after the Global Financial Crisis. A considerable slowdown in hiring during late spring and early summer, however, has brought up renewed concerns about distress. One potential indicator is the level of delinquency among CMBS loans…

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