There's some good early news on office loans. In January and February, the payoff rate for maturing loans were at 48%, higher than the 35% of 2023 overall.
However, the good is only relative because there is no way to know yet what will happen in ongoing 2024 activity. The current year could be a challenge as, according to Moody's Analytics CRE. More than $17 billion in office-backed CMBS mature this year. That's double the amount from 2023.
What the firm includes in that number is all fixed and floating-rate CMBS loans that were still outstanding, not defeased, with a fully extended maturity date in 2024, and originally previously due but extended into 2024.
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