# US commercial real estate debt risks > Live situation record from CLSTR: https://clstr.news/situations/us-commercial-real-estate-debt-risks > Updated: 2026-09-24T21:09:34.000Z. Sources: 8. Developments: 2. The United States commercial real estate sector is experiencing heightened pressure from rising interest rates and significant debt maturities. In the office sector, CMBS delinquency reached 12%, with approximately $40 billion of the $64 billion in maturing office CMBS debt currently delinquent, in default, or on a watchlist. The multifamily sector is also facing a substantial refinancing squeeze. Owners are navigating a ‘refinance gap’ as loans originally issued at low rates must be refinanced at much higher costs. Approximately $297 billion in multifamily debt is scheduled to mature in 2026, representing about 13% of the $2.3 trillion in tracked multifamily loans. Further maturities are expected to exceed $200 billion annually through 2029. Multifamily CMBS delinquencies have risen from 1% in October 2023 to 7.69% in July. This trend has led to notable delinquencies in states such as Ohio, Texas, and New York, with 30 multifamily CMBS loans totaling $509.3 million becoming newly delinquent in July alone. ## Timeline ### 2026-09-24: Multifamily apartment owners face $297 billion debt maturity squeeze Apartment owners face a massive refinancing squeeze as $297 billion in multifamily debt matures in 2026, driven by higher interest rates and a widening equity gap. 6 sources. https://clstr.news/cluster/multifamily-apartment-owners-face-297-billion-debt-maturity-squeeze ### 2026-09-21: Commercial real estate faces rising debt and delinquency risks Commercial real estate faces rising risks as office CMBS delinquency hits 12% and multifamily owners face $1.8 trillion in maturing debt amid higher interest rates. 2 sources. https://clstr.news/cluster/commercial-real-estate-faces-rising-debt-and-delinquency-risks --- Cite as: US commercial real estate debt risks. CLSTR, https://clstr.news/situations/us-commercial-real-estate-debt-risks