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![KobeissiLetter Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::3316376038.png) The Kobeissi Letter [@KobeissiLetter](/creator/twitter/KobeissiLetter) on x 948.6K followers
Created: 2025-07-02 16:58:00 UTC

BREAKING: The delinquency rate on Commercial Mortgage-Backed Securities (CMBS) for offices jumped XX basis points in June, to a record 11.1%.

This has now officially surpassed the post-2008 high of XXXX% and the December 2024 peak of 11.0%.

Since the start of 2023, the delinquency rate on CMBS for offices has skyrocketed by XXX percentage points.

Last month, $XXX billion in CMBS office loans fell into delinquency, while $X billion in previously delinquent loans were resolved.

Meanwhile, the overall US CMBS delinquency rate rose X basis points, to 7.13%, the highest in at least X years.

The office sector is beyond bear market territory.

![](https://pbs.twimg.com/media/Gu24mq3WUAAD3fz.jpg)

XXXXXXX engagements

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**Related Topics**
[collateralized debt obligations](/topic/collateralized-debt-obligations)

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