10Y UST4.96%-3.31%30Y MTG7.32%-1.08%SOFR3.92%+0.51%VNQ$93.27+0.63%XLRE$42.85+0.67%FED FUNDS3.88%
Real Estate Trail
Institutional Press Wire
Commercial Observer · Office

SASBs Dominate Conduits 3 to 1 in 2026 CMBS Market

Via Commercial Observer · October 26, 2026
Compiled by Real Estate Trail Editorial · October 26, 2026

Why this matters

Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.

Editorial analysis · Real Estate Trail Editorial

On the RET wire

  • Disclosed office deal value tracked in October 2026: $21.2B across 60 reported transactions. All Office coverage →

Computed from Real Estate Trail’s own tracked coverage

Excerpt from Commercial Observer:
Single-asset, single-borrower (SASB) deals account for 76 percent of 2026 private-label commercial mortgage-backed securities (CMBS) issuance through September. Inside this volume, money is rotating from office and re…
Read the full article at Commercial Observer →

External link. Real Estate Trail does not republish source content.

Related coverage — Office

REBusiness Online · Office

Deloitte Renews 22,040 SF Office Lease in Downtown St. Louis

ST. LOUIS — Longtime tenant Deloitte has renewed its office lease for 22,040 square feet at the Deloitte Building in downtown St. Louis. Additionally, owner Stanton Road Capital (SRC) has completed The Outpost, a new…

1h ago