U.S. Commercial Mortgage Balances Put $875 Billion Due in 2026

Commercial and multifamily mortgage balances due in 2026 totaled $875 billion in one survey, putting refinancing pressure in focus as borrowers face another $652 billion in scheduled maturities in 2027.

The survey covered $5 trillion in outstanding commercial mortgages and measured unpaid principal as of Dec. 31, 2025. The figures are a separate survey estimate; they do not establish how much debt will default or how many properties will be sold. Balances may decline before maturity as borrowers pay down principal.

A loan maturity is the date when repayment or refinancing is due. The schedule shows when loans come due, but it does not by itself mean a borrower will default or a property will be sold at a discount.

Office loans in commercial mortgage-backed securities (CMBS) had a delinquency rate of 12.16% in September 2026, up 16 basis points from August. That measure covers office loans in the CMBS market, not the entire U.S. office market.

“Elevated interest rates have made it increasingly difficult to refinance maturing commercial real estate debt, with little relief in sight,” said Lonnie Hendry, Trepp’s chief product officer.

Ari Rastegar, founder and CEO of Rastegar Capital, described the maturities as a potential buying opportunity. “We are preparing for a massive buying opportunity,” he said. Richard LeFrak, executive chairman of the LeFrak Organization, separately expressed concern about debt: “If I had debt, I’d be petrified.”

The survey figures and investor comments do not show that a wave of defaults or discounted property sales has occurred. The maturity schedule records repayment dates, while actual outcomes depend on whether borrowers repay or refinance their loans.