Trepp's mid-year look at CRE described the office sector as "on the brink" and "navigating the pain of an uncertain future."

"The commercial real estate (CRE) market continues to grapple with persistent risk and distress, with the office sector bearing the brunt of the impact," they wrote. "As the markets are feeling the full effect of the interest rates that are much higher than they had been as recently as two years ago, many properties securing maturing loans aren't performing to the levels that had been expected."

The full report looked at two specific developments in office. One is maturity risk and the other is the additional issue of lease rollover risk for maturing loans. Something to keep in mind is that the analyses are based on CMBS loans, which represent one part of office financing and may not be representative of the whole.

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