First in pain, the Second City office market suffers the most blows to its CMBS mortgage pool

Of the U.S. office markets that carried over $1 billion of commercial mortgage-backed securities (CMBS) worth of debt by the end of October, Chicago stands out with over $1.4 billion more than 90 days delinquent. Only New York has more 90-plus days of delinquency on its CMBS loans than Chicago, at $3.6 billion. Yet this figure represents only 6.3% of New York's outstanding loan balance; the Windy City’s balance in arrears represents more than 23% of its outstanding CMBS balance.