On the heels of a report that nearly a third of new CMBS issuance was afflicted with negative leverage in the third quarter comes the sobering realization of a potential reckoning to come: more than $17B of mortgage bonds back by office buildings come due in 2023.

That's more than double the $7B that are coming due by the end of this year and more than four times last year's total of $4B, according to Trepp LLC.

The wave of CMBS maturation is coming at the worst possible time for office building owners, who are confronting what CRE experts are calling a "secular repricing" of office buildings on a scale not seen since the Great Recession in 2008.

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