By Matt Tracy (Reuters) - Chicago's commercial real estate sector loans, within certain securities, had the highest distress or delinquency rate in ...
SaltWire's Atlantic regional weather forecast for September 13, 2023 | SaltWire - Chicago's commercial real estate sector loans, within certain securities, had the highest distress or delinquency rate in August among the top 20 U.S. metro cities, a new research report from ratings agency KBRA said.
According to KBRA's report, released on Monday, these and other factors led to a national rise in delinquencies or special servicing on CMBS 2.0 - the post-global financial crisis series of commercial mortgage-backed securities, deemed safer than their pre-GFC counterparts. Chicago led all metro areas at 22% overall distress in CMBS 2.0 loans,"largely reflecting [its] lodging and office exposure," the report's authors noted.
Other areas also had high distress rates compared to the national average. While its own office challenges have been widely reported, San Francisco surprisingly was beat out in office CMBS distress by Denver's 40.4%.
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