CMBS Distress & Construction Spending

Podcast: Commercial Real Estate Investment Conference Podcast (CREIC) · Commercial Real Estate Investment Conference

Opublikowano: 2026-10-06

The national CMBS distress headline says recovery. 10.9% in August, down from 11.5% a year ago. But when you drill down, it's completely fractured. Chicago at 25.3% (double the national average). Cleveland 22.5%. Milwaukee 22.4%. Meanwhile, San Diego 0.3%, Boston 5.6%, Tampa 6%. Office distress runs 16%, drives stress in 8 of 11 metros. Aon Center: $536M original, $824M appraised, $195M today. Matured July. Extension denied. Full writedown. New York curing $6.1B in loans (rate down to 9.6%). Midwest office cores deteriorating. National averages hide regional reality. Philadelphia's Market Street West = 40% of metro distress. One building, but underneath the bifurcation, U.S. construction spending jumped 0.9% to $2.2T in August. B...