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Five- and 10- Year CMBS Loans: Which Vintage Might Crash the Office Market?
March 24, 2026
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Commercial Observer
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One of the complications, particularly for CMBS, is that the restrictions of transferring equity and control are particularly limiting to give rescue equity enough comfort that they could eventually take control of the asset.
A looming wave of CMBS office loan maturities in 2026 is putting renewed pressure on an already strained commercial real estate market, as borrowers face limited refinancing options amid persistent vacancy and declining valuations.
The end of the “extend and pretend” era presents the opportunity for a surge in defaults, restructurings, and forced sales, particularly across five- and ten-year loan vintages tied to struggling office assets.
Brian Cohen shares his perspective on the current CMBS environment in Commercial Observer, highlighting a key challenge: structural constraints within these deals that may limit rescue equity and further complicate an already difficult recovery.
Click here to read.
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