Free each weekdayCommercial property news, cut to what an owner needs to know.
The Cornerhold Journal
Vol. I · No. 10Nationwide edition · Free
MarketsLatest, Nov 5
10-year Treasury4.84%down 0.06
SOFR3.94%down 0.03
30-year mortgage rate7.18%down 0.06
CMBS delinquency8.02%up 0.17
U.S. office vacancy18.2%down 0.1
Sources: U.S. Treasury, daily par yield curve rates, Nov 5 (10-year Treasury); Federal Reserve Bank of New York, SOFR, Nov 4 (SOFR); Freddie Mac, Primary Mortgage Market Survey, Nov 5 (30-year mortgage rate); Trepp, Sep 30 (CMBS delinquency); CBRE, Q3 2026 U.S. Office Market Report, Sep 30 (U.S. office vacancy)
Bank lending
Bank CRE lending hits its strongest quarter since 2022 as problem loans ease, Trepp says
Bank credit looked manageable through the spring, but Trepp points to the rate increases since then as the risk to watch.
Banks originated $9.2 billion of commercial real estate loans in the second quarter of 2026, up 29% from the first quarter and the most in any quarter since the third quarter of 2022, according to a Trepp preview of bank CRE performance published Nov. 5.
Loan quality improved across U.S. banks. Trepp put the CRE noncurrent rate at 1.42%, the lowest since the third quarter of 2023, and said the delinquency rate fell 18 basis points to 1.68%.
Pockets of stress remain. Criticized office balances improved to 22.3% nationally, but Los Angeles stayed elevated at 35.6%. Sun Belt multifamily criticized rates topped 34% in Phoenix, Houston, Dallas and Atlanta, against 22.5% nationally.
Trepp flagged the rate increases that came after the second quarter as the main forward risk for refinancing.
Source: Trepp, Nov 5, 2026
Private credit
Prime Finance buys about $760 million of performing CRE loans from Blackstone
The eight loans are backed by office and multifamily properties in five states.
Prime Finance acquired eight performing commercial real estate loans with roughly $760 million of unpaid principal balance from Blackstone Real Estate Debt Strategies, the company announced. The loans are secured by office and multifamily assets across five U.S. states. The purchase price was not disclosed.
Prime, which reported more than $15.2 billion of assets under management as of June 30, 2026, said the purchase fits its Strategic Capital Solutions push as capital stacks reset after the rise in rates.
For ownersPerforming loans can change hands too, so it is worth knowing who services your loan and how a transfer notice would reach you.
Retail
Simon raises its 2026 guidance as mall rents and occupancy climb
Simon Property Group reported higher rents, fuller centers and stronger retailer sales in the third quarter.
Simon Property Group reported third quarter Real Estate FFO of $1.277 billion, or $3.37 per diluted share, up 4.7% from a year earlier, with domestic property NOI up 6.6%.
Occupancy at its U.S. malls and Premium Outlets reached 96.5%. Base minimum rent rose 6.1% to $62.75 per square foot, and trailing 12 month retailer sales reached $852 per square foot, up 14.8%, the company said.
Simon lifted its full year 2026 Real Estate FFO guidance to $13.30 to $13.40 and raised the quarterly dividend to $2.30. It also completed about $970 million of secured loans at a 6.33% weighted average rate, plus an $800 million senior notes deal.
For ownersShopping center owners heading into renewals may find these Class A rent and sales figures a useful reference point.