According to @KobeissiLetter, the delinquency rate on Commercial Mortgage-Backed Securities (CMBS) for office properties surged by 103 basis points in January, reaching a record 12.3%. This surpasses the peak level seen during the post-2008 Financial Crisis by 1.6 percentage points. Such an increase marks a 600% rise in CMBS delinquency rates, raising concerns about the stability of the commercial real estate sector.