Denver Commercial Loan Defaults Rise
How Bad Are Denver Office CMBS Delinquencies Right Now? How rapidly Denver office CMBS performance has deteriorated is reflected in a 27.2% delinquency rate. That is nearly triple the 10.6% national average. With $434 million distressed, Denver ranks sixth among major metros. Trepp data places Denver sixth among the 25 largest U.S. metros. This distress is also playing out amid a 36.8% vacancy rate in Denver’s office market as of Q2 2025. Delinquency Snapshot Atlanta, Chicago, and Philadelphia sit above 28%. Baltimore is 26.6%, and Portland leads at 38.4%. Seattle is 13.3%, Austin 8.3%, Nashville 2.8%, and San Diego remains under 1%. Nationally, office CMBS delinquency reached 12.34% in January 2026. Overall CMBS delinquency stood at 7.47%. Credit Stress Signals Three loans total $337 million of Denver delinquencies. This includes the Industry RiNo Station loan, over 90 days late on $60 million. Older, non-core collateral dominates. That heightens sensitivity to value resets before 2...