CMBS delinquency rates look flat this month — but the real story sits underneath the headline. Distress is no longer broad. It’s concentrating inside office, lodging, and now portions of industrial. And once stress becomes selective, lenders stop underwriting the market and start underwriting each individual asset.

In this CRE360 Daily Brief, I break down what the stability actually means, why lenders are already tightening posture, and how this shift will shape refinancing outcomes going into 20