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Office Debt Refis Face a $131B Funding Shortfall

The gap represents almost a quarter of all office debt that originated between 2017 and 2023.

By Erik Sherman | February 12, 2025 at 05:43 AM

Extend-and-pretend in CRE lending has been a growing problem, surging to $35.5 billion amid rising defaults, according to a recent CRED iQ analysis.

Now, a new analysis from CBRE shows that for office specifically, extend-and-pretend has masked a serious office debt-funding gap — $131 billion over the next four years. This is nearly 25% of all office debt originated between 2017 and 2023 and coming due between 2025 and 2028.

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