Office CMBS Delinquency Rate Spikes to 9.4%, Highest Since Worst Months after the Financial Crisis

The office sector of commercial real estate has been in a depression for about two years, with prices of older office towers plunging by 50%, 60%, or 70% from their last transaction, and sometimes even more, with some office towers selling for land value, with the building by itself being worth next to nothing even in Manhattan.