Office CMBS loans
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
The median rate on office CMBS loans originated in the 12 months to October 19, 2026 was 6.64%, across 87 loans (SEC Form ABS-EE filings, as of October 28, 2026), 24 basis points above the all-property median. Whole loans were written at a median 59.6% loan-to-value and 1.84x debt service coverage.
- Median rate, 12 months
- 6.64%
- 87 loans; all types 6.40%
- Median loan-to-value
- 59.6%
- all types 63.9%
- Median DSCR
- 1.84x
- all types 1.47x
- Median debt yield
- 13.5%
- all types 10.1%
Office is the property type with the most loans in trouble in today's CMBS trusts, and it shows in how new loans are written: larger loans on fewer, stronger buildings, sized to higher debt yields. A new office loan is underwritten tenant by tenant.
Office CMBS rates
| Window | Loans | Median rate | Middle half | All property types |
|---|---|---|---|---|
| Last 90 days | 14 | 7.14% | 6.73% to 7.32% | 6.63% |
| Last 180 days | 35 | 6.97% | 6.61% to 7.28% | 6.56% |
| Last 12 months | 87 | 6.64% | 6.39% to 6.94% | 6.40% |
| 5-year loans, 12 months | 66 | 6.73% | 6.44% to 7.00% | 6.46% |
| 10-year loans, 12 months | 21 | 6.43% | 6.19% to 6.66% | 6.19% |
Original note rate, windows ending October 19, 2026. A median is shown when at least 10 loans are in the window. Full rate tables for every type: CMBS loan rates.
How office CMBS loans are underwritten
Whole office loans in the 12 months to October 19, 2026 (55 loans with full underwriting data) were written at a median 59.6% loan-to-value, lower than the all-property median of 63.9%. Median coverage was 1.84x and median debt yield 13.5%, against 1.47x and 10.1% across property types. Lenders ask for more cash flow per dollar of debt on office than on most property types.
| Measure (at securitization) | 25th percentile | Median | 75th percentile | All types, median |
|---|---|---|---|---|
| Loan-to-value | 54.7% | 59.6% | 64.7% | 63.9% |
| Debt service coverage (NCF) | 1.65x | 1.84x | 2.12x | 1.47x |
| Debt yield (NOI) | 12.6% | 13.5% | 15.6% | 10.1% |
| Occupancy | 83.9% | 89.9% | 96.4% | 94.4% |
| Loan size | $16.1M | $37.1M | $60.5M | $15.0M |
Leverage, coverage and debt yield on whole loans only; loan size on every loan. "All types" leaves out co-op housing. See DSCR, debt yield and the loan calculator.
- Under $5M 1 (1%)
- $5M to $10M 7 (8%)
- $10M to $25M 24 (28%)
- $25M to $50M 26 (30%)
- $50M and up 29 (33%)
Term and interest-only
- 76% five-year terms, 24% ten-year
- 82% interest-only for the full term (all types: 87%)
- 3% interest-only for part of the term, then amortizing
See interest-only CMBS loans and CMBS loan terms.
Who is making office CMBS loans
Wells Fargo originated the most office CMBS loans in the 12 months to October 19, 2026, with 16 loans totaling $812 million. Counts are by the originator named in each trust's filing; a loan with two originators counts for both.
- Wells Fargo 16 ($812M)
- Goldman Sachs 13 ($701M)
- Morgan Stanley 11 ($443M)
- Deutsche Bank 9 ($460M)
- JPMorgan Chase 6 ($531M)
- Citi 6 ($365M)
- Bank of America 5 ($210M)
- 3650 REIT 5 ($161M)
Recent office loans in CMBS trusts
| Property | Location | Amount | Rate | Term | Originated | Lender |
|---|---|---|---|---|---|---|
| Evergreen Medical Office | Pasadena, CA | $7.2M | 8.04% | 5 yr | September 17, 2026 | Argentic |
| 7315-7321 North Atlantic Avenue | Cape Canaveral, FL | $7.5M | 7.08% | 5 yr | September 11, 2026 | Goldman Sachs |
| Hall of the States | Washington, DC | $75.0M | 6.55% | 5 yr | September 8, 2026 | Goldman Sachs |
| One Penn Center | Philadelphia, PA | $19.3M | 7.30% | 5 yr | August 7, 2026 | Wells Fargo |
| Corporate Center VI | Henderson, NV | $20.5M | 6.23% | 10 yr | August 4, 2026 | KeyBank |
| Meridian Mark | Carmel, IN | $41.5M | 6.79% | 5 yr | July 31, 2026 | Ladder Capital |
| 19000 Homestead | Cupertino, CA | $50.0M | 6.32% | 10 yr | July 31, 2026 | Argentic |
| Pavilion Towers | Aurora, CO | $13.3M | 7.14% | 10 yr | July 31, 2026 | Argentic |
The latest loans in the filings, from public SEC records. Property links go to the loan's page on cmbs.news, which lists every office loan in CMBS. Lender rankings for all types: CMBS lenders.
Office CMBS maturities and distress
1,805 office loans with $76.1 billion outstanding are still in CMBS trusts. 608 loans ($25.6 billion) mature in 2027 and 2028. Of the 2027 maturities that could be tested, 9% had net operating income at securitization under 9% of today's balance, a rough sign they may need new equity or a different lender to refinance. 6.7% of live office loans are 60 or more days delinquent and 9.5% are with a special servicer, against 3.0% and 4.3% across all property types.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $2.1B | 48 |
| 2027 | $12.5B | 270 |
| 2028 | $13.0B | 338 |
| 2029 | $17.2B | 390 |
| 2030 | $10.0B | 235 |
| 2031 | $10.1B | 287 |
| 2032 | $5.4B | 118 |
Live loans by effective maturity year; 2026 includes loans already past maturity and still outstanding. How the shortfall test works, and the wall for every type: CMBS maturity wall. Loan-level lists by year: cmbs.news maturity wall.
What lenders look at on a office loan
Tenant credit and lease term
Underwriters look at each major tenant's credit and the weighted remaining lease term. Leases with a credit tenant running past the loan's maturity carry the most weight.
Rollover concentration
A large share of leases expiring in one year, especially before maturity, is the core office risk. Expect a rollover reserve or a cash sweep if a major tenant's lease ends during the term.
Tenant improvements and leasing commissions
Re-leasing office space costs real money in build-outs and broker fees. Lenders deduct a normalized TI/LC cost from cash flow and often reserve for it up front or monthly.
Building quality and location
Tenants have moved toward newer, amenity-rich buildings. Lenders weigh whether a building can compete for tenants at renewal, not just whether it is full today.
Debt yield
Because office values have been volatile, lenders lean on debt yield (NOI over the loan amount) more than appraised value to size office loans.
Is a CMBS loan the right fit?
CMBS remains a lender of size for well-leased office, often where banks have stepped back. Partially vacant or heavily rolling buildings usually need bridge or rescue capital first.
Related: Debt yield · Special servicing · The CMBS maturity wall · all property types compared
Source: SEC Form ABS-EE asset-level filings (Schedule AL) for CMBS trusts, compiled by cmbs.news; data as of October 28, 2026. Pari passu pieces of one loan are counted once. How each figure is built: methodology. Download the tables: CMBS data (CSV).
Questions people ask
What is the current rate on office CMBS loans?
The median original rate on office CMBS loans originated in the 12 months to October 19, 2026 was 6.64% across 87 loans; the middle half ran from 6.39% to 6.94%. Loans from the last 90 days had a median of 7.14% (14 loans). Source: SEC Form ABS-EE filings as of October 28, 2026.
How much leverage can I get on a office CMBS loan?
Whole office loans securitized in the 12 months to October 19, 2026 had a median loan-to-value of 59.6%, with the middle half between 54.7% and 64.7%. Leverage is usually capped by coverage and debt yield before value: the median debt yield was 13.5% and median DSCR 1.84x.
Who makes office CMBS loans?
In the 12 months to October 19, 2026, the most active originators of office CMBS loans were Wells Fargo (16), Goldman Sachs (13), Morgan Stanley (11), counting loans by originator in the trusts' filings.
How many office CMBS loans mature in 2027 and 2028?
608 loans with $25.6 billion outstanding, of the 1,805 office loans still in CMBS trusts as of October 28, 2026.
Financing a office property?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.