Trying to understand the whole of commercial real estate financing through CMBS is short-sighted. The mechanism isn't representative because the properties tend to be larger and likely riskier because the lenders can command higher interest rates. However, CMBS has one key advantage in terms of summary — public information.

Digging in may not offer the satisfaction of true representative universality, but it at least offers some insight and data that someone can analyze. One example is the deep dive Trepp recently took into CMBS loan modification trends.

"As of the end of April, there is about $131.3 billion in outstanding, non-defeased CMBS loans that are current on payments that are still due to mature in 2024," Trepp wrote. "For maturities through 2027, there is about $321.4 billion in CMBS loans of the same criteria that are scheduled to mature. About 27% of this maturing volume is made up of maturing CMBS office loans."