The commercial real estate sector is facing a crisis of unprecedented scale. With nearly $950 billion in commercial real estate (CRE) mortgages set to mature in 2024, the industry is grappling with rising delinquency rates, particularly in office properties. Delinquency rates for commercial mortgage-backed securities (CMBS) tied to office properties reached 10.4% in November 2024, approaching the peak seen during the 2008 financial crisis.