Commercial mortgage delinquency rates rise as real estate trends shift
隨著房地產趨勢轉變，商業抵押貸款拖欠率上升
As of April 2026, the commercial real estate (CRE) market is experiencing a period of cautious stabilization.
截至2026年4月，商業不動產（Commercial Real Estate，簡稱CRE）市場正處於審慎穩定的時期。
While we have moved past the extreme volatility of recent years, rising commercial mortgage delinquency rates remain a critical concern, particularly within the Commercial Mortgage-Backed Securities (CMBS) sector.
雖然我們已經走出了近年來的極端波動，但商業抵押貸款拖欠率的上升仍然是一個關鍵的隱憂，特別是在商業不動產抵押貸款證券（CMBS）領域。
Banks are largely choosing to restructure loans rather than move to foreclosure, which has kept actual losses historically low.
銀行多選擇重組貸款而非採取法拍措施，這使得實際損失一直保持在歷史低點。
A primary driver of this current stress is the 'maturity wall,' as billions of dollars in debt from the low-interest era come due.
造成當前壓力的主要因素是「到期牆」(maturity wall)，即低利率時代數十億美元的債務即將到期。
This is especially true for the office sector, which is grappling with high vacancies.
對於飽受高空置率困擾的辦公室領域而言，情況尤為嚴峻。
While older office buildings face significant challenges, other sectors like industrial real estate remain resilient.
雖然較舊的辦公大樓面臨嚴峻挑戰，但工業地產等其他領域依然表現出韌性。
