The near-term visions of office properties are worrisome – but it's not the end of the world. The simple story has been an upcoming wave of maturities, with too much working from home, too many companies looking to cut back on space, expensive refinancing, and ultimately hopelessness. It's not a disaster everywhere — just in too many places at the same time.

A recent Moody's report pointed to $18.6 billion in CMBS office-backed loans with near-term maturity dates. About 40% are securitized in a single-asset/single-borrower (SASB) large loan deal, with many examples seeing a rise in delinquencies since 2023. But despite the worry, many have credit strengths that should pull them through.

SASB properties aren't all safe, as GlobeSt.com has previously reported. In May came the news that investors in the AAA tranche of the $308 million debt backed by 1740 Broadway in midtown Manhattan only got 74% of their investment back after the loan sold at a steep discount. That was the safe tranche. Creditors in the five lower groups were wiped out. Then in July, the SASB-backed bond market — an estimated $260 billion worth — was feeling tremors.