According to a new Trepp analysis, there are indications in the CMBS space that trouble is brewing.

"A series of bankruptcies have impacted the commercial real estate (CRE) market significantly in recent months," the firm wrote. "Inflation, supply chain issues, and shifting business models have negatively affected cash flow to properties, many of which are securitized in the CMBS market."

It's happening in two ways. One is when tenants buckle. The other is when the borrowers do. The latter is when things get nerve-wracking.

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