Chicago–Naperville–Elgin posts a 26.4% distress rate on $16.6 billion of CMBS loans.
San Francisco–Oakland–Fremont sits at 21.5% distress on $18.6 billion.
These two metros lead in absolute distressed dollars among markets above the 20% threshold.
Across the top 50 metros, total distressed balance reaches $45.8 billion out of $393.5 billion, or 11.6%.
Multifamily distress has more than doubled since February while office distress has eased.
CMBS Distress Rate Over 20% and $ Amount Over $15B
San Francisco–Oakland–Fremont, CA 21.5% $18.6B
Chicago–Naperville–Elgin, IL-IN 26.4% $16.6B
Source: @cred_iq #commercialrealestate pic.twitter.com/PD5bQ4hGDR
— Nightingale Associates (@FCNightingale) August 12, 2026
CRE & CMBS Distress Report: Top 50 U.S. Metro Rankings
https://cred-iq.com/blog/2026/08/07/cre-cmbs-distress-report-top-50-u-s-metro-rankings-and-whats-driving-them/
Earlier report on rising distress in largest markets
https://commercialobserver.com/2026/06/cmbs-distress-largest-u-s-markets/
Minneapolis leads all top 50 metros at 55.1% distress, though on a much smaller $4 billion base.
Multifamily CMBS distress more than doubled from 6% to 13% since February.