CMBS DISTRESS RATE — FEB 2026 ■ OFFICE: 21.2%■ HOTEL: 12.3%■ RETAIL: 11.1%■ MIXED USE: 11.8%■ MULTIFAMILY: 6.0%■ INDUSTRIAL: 2.4% ■ TOP DISTRESSED MARKET: SAN JUAN PR 100.0%■ MINNEAPOLIS: 54.3%■ CHICAGO: 22.7%■ SAN FRANCISCO: 21.0%■ DENVER: 22.4%■ NEW YORK: 11.6%■ DC: 10.9% CMBS DISTRESS RATE — FEB 2026 ■ OFFICE: 21.2%■ HOTEL: 12.3%■ RETAIL: 11.1%■ MIXED USE: 11.8%■ MULTIFAMILY: 6.0%■ INDUSTRIAL: 2.4% ■ TOP DISTRESSED MARKET: SAN JUAN PR 100.0%■ MINNEAPOLIS: 54.3%■ CHICAGO: 22.7%■ SAN FRANCISCO: 21.0%■ DENVER: 22.4%■ NEW YORK: 11.6%■ DC: 10.9%
CRED iQ
CRED iQ Distress Rate Rankings February 2026  |  Conduit & SBLL  |  Proprietary Analytics
Top 100 CMBS Markets — Distress Rate Rankings
CRED iQ proprietary distress analytics covering Conduit and SBLL loan pools across 100 U.S. markets. Rankings reflect February 2026 distress rates inclusive of special servicing, delinquency, and REO status, segmented by property type.
Office — Highest Distress
21.2%
Avg. across tracked markets
Hotel
12.3%
Avg. distress rate
Retail
11.1%
Avg. distress rate
Multifamily
6.0%
Avg. distress rate
CRED iQ Distress Rate Rankings
All Types
Office
Hotel
Retail
Multifamily
Mixed Use
Industrial
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DISTRESS BY PROPERTY TYPE
Avg Rate
11.3%