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Industry Pulse · Free & public

The state of commercial real estate credit, market by market.

A live, data‑backed read on every U.S. market with a securitized CRE footprint — CMBS distress by property type, the maturity wall, locally‑headquartered bank stress, and the on‑the‑ground feed of store closures, layoffs and CRE bankruptcies. Built from public disclosure, updated continuously. Start with the national read, or pick a market.

The National Pulse Week of October 26, 2026

The Near Wall Lurches Forward, and the Core Quits Cooling

Loans due inside 90 days jumped nearly $3 billion in a week, and the distress rate ticked back up to 6.2% — the churn last week warned about is starting to settle into the wall.

Read the national picture →
Every market with a CRE pulse — 126 metros
bubble size = CMBS balance · color = distress rate · ▲/▼ = distress rising/falling (1yr) · click to open
Markets, ranked by securitized CRE balance
MetroCMBS UPBDistressedLoans
New York-Newark-Jersey City, NY-NJ $57.1B 6.7% 2,408
Los Angeles-Long Beach-Anaheim, CA $17.7B 3.9% 654
Washington-Arlington-Alexandria, DC-VA-MD-WV $9.2B 11.0% 238
San Francisco-Oakland-Fremont, CA $8.2B 11.1% 214
Chicago-Naperville-Elgin, IL-IN $8.2B 15.2% 366
Houston-Pasadena-The Woodlands, TX $7.6B 7.5% 345
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $6.7B 4.8% 266
San Jose-Sunnyvale-Santa Clara, CA $6.5B 7.8% 94
Miami-Fort Lauderdale-West Palm Beach, FL $6.5B — 256
Las Vegas-Henderson-North Las Vegas, NV $6.4B 0.8% 181
Dallas-Fort Worth-Arlington, TX $6.0B 5.7% 267
Boston-Cambridge-Newton, MA-NH $5.9B — 82
Detroit-Warren-Dearborn, MI $5.7B 3.0% 272
Seattle-Tacoma-Bellevue, WA $5.1B 8.9% 154
Atlanta-Sandy Springs-Roswell, GA $4.8B 3.1% 271
Phoenix-Mesa-Chandler, AZ $4.3B 0.0% 207
Riverside-San Bernardino-Ontario, CA $3.7B 1.2% 195
San Diego-Chula Vista-Carlsbad, CA $3.1B — 146
Cleveland, OH $2.1B 20.4% 100
Charlotte-Concord-Gastonia, NC-SC $2.1B — 94
Sacramento-Roseville-Folsom, CA $2.1B — 105
Minneapolis-St. Paul-Bloomington, MN-WI $1.9B 15.8% 67
Tampa-St. Petersburg-Clearwater, FL $1.8B — 101
Denver-Aurora-Centennial, CO $1.8B 15.0% 96
Orlando-Kissimmee-Sanford, FL $1.8B 5.5% 95
St. Louis, MO-IL $1.8B 36.1% 76
Austin-Round Rock-San Marcos, TX $1.7B 12.9% 81
Baltimore-Columbia-Towson, MD $1.7B 5.3% 76
Indianapolis-Carmel-Greenwood, IN $1.7B 14.2% 93
Portland-Vancouver-Hillsboro, OR-WA $1.6B 5.3% 66
Pittsburgh, PA $1.6B 14.3% 76
Columbus, OH $1.6B — 82
Nashville-Davidson--Murfreesboro--Franklin, TN $1.6B 4.0% 67
New Orleans-Metairie, LA $1.5B 0.0% 56
Virginia Beach-Chesapeake-Norfolk, VA-NC $1.5B 9.0% 65
Cincinnati, OH-KY-IN $1.5B 16.5% 63
Kansas City, MO-KS $1.3B — 66
San Antonio-New Braunfels, TX $1.2B — 69
Milwaukee-Waukesha, WI $1.2B — 80
Bridgeport-Stamford-Danbury, CT $1.2B 14.3% 41
Richmond, VA $1.1B 15.7% 50
Urban Honolulu, HI $1.0B — 15
Jacksonville, FL $0.9B 7.0% 48
Reno, NV $0.8B 0.0% 36
Trenton-Princeton, NJ $0.8B 10.5% 26
Tucson, AZ $0.8B — 56
Baton Rouge, LA $0.8B 8.1% 37
Birmingham, AL $0.8B 14.6% 33
Memphis, TN-MS-AR $0.8B 6.2% 45
Oxnard-Thousand Oaks-Ventura, CA $0.8B 0.0% 45
Charleston-North Charleston, SC $0.7B 0.0% 29
Allentown-Bethlehem-Easton, PA-NJ $0.7B — 31
Salt Lake City-Murray, UT $0.7B — 40
Dayton-Kettering-Beavercreek, OH $0.7B — 32
Grand Rapids-Wyoming-Kentwood, MI $0.7B — 31
Buffalo-Cheektowaga, NY $0.6B — 31
Hartford-West Hartford-East Hartford, CT $0.6B 9.8% 28
Rochester, NY $0.6B 15.1% 29
Louisville/Jefferson County, KY-IN $0.6B — 26
Akron, OH $0.6B — 31
Boise City, ID $0.6B 0.0% 23
Raleigh-Cary, NC $0.6B 0.0% 36
Huntsville, AL $0.5B 0.0% 29
Durham-Chapel Hill, NC $0.5B 10.7% 25
Worcester, MA $0.5B 0.0% 13
Fresno, CA $0.5B 49.1% 21
Harrisburg-Carlisle, PA $0.5B 0.0% 28
Lexington-Fayette, KY $0.5B — 24
Ann Arbor, MI $0.5B 0.0% 29
Savannah, GA $0.5B 0.0% 26
Albany-Schenectady-Troy, NY $0.5B 0.0% 23
Colorado Springs, CO $0.4B 0.0% 32
Santa Rosa-Petaluma, CA $0.4B — 28
Kiryas Joel-Poughkeepsie-Newburgh, NY $0.4B 0.0% 19
Greensboro-High Point, NC $0.4B — 30
North Port-Bradenton-Sarasota, FL $0.4B 0.0% 20
Greenville-Anderson-Greer, SC $0.4B — 29
Anchorage, AK $0.4B 0.0% 22
Stockton-Lodi, CA $0.4B 0.0% 22
Cape Coral-Fort Myers, FL $0.4B 0.0% 21
Des Moines-West Des Moines, IA $0.4B 0.0% 15
Deltona-Daytona Beach-Ormond Beach, FL $0.4B 0.0% 27
Chattanooga, TN-GA $0.4B — 23
Albuquerque, NM $0.4B — 30
Palm Bay-Melbourne-Titusville, FL $0.4B — 23
Fayetteville-Springdale-Rogers, AR $0.3B 0.0% 12
Modesto, CA $0.3B 0.0% 19
Omaha, NE-IA $0.3B 0.0% 16
Oklahoma City, OK $0.3B — 26
Little Rock-North Little Rock-Conway, AR $0.3B 0.0% 21
Asheville, NC $0.3B 0.0% 19
Tulsa, OK $0.3B — 18
Augusta-Richmond County, GA-SC $0.3B 0.0% 25
Providence-Warwick, RI-MA $0.3B — 17
Columbia, SC $0.3B 0.0% 26
Winston-Salem, NC $0.3B — 16
Jackson, MS $0.3B 25.1% 16
Lubbock, TX $0.3B 24.1% 26
Fayetteville, NC $0.3B — 16
Vallejo, CA $0.3B 0.0% 18
El Paso, TX $0.3B 0.0% 21
New Haven, CT $0.3B 13.9% 22
Syracuse, NY $0.2B — 17
Lansing-East Lansing, MI $0.2B 0.0% 18
Knoxville, TN $0.2B 0.0% 17
Fort Wayne, IN $0.2B 0.0% 16
Lakeland-Winter Haven, FL $0.2B 0.0% 20
Bloomington, IN $0.2B 0.0% 11
Montgomery, AL $0.2B 0.0% 13
Charleston, WV $0.2B — 10
Toledo, OH $0.2B 0.0% 17
McAllen-Edinburg-Mission, TX $0.2B 0.0% 12
South Bend-Mishawaka, IN-MI $0.2B 0.0% 4
Lafayette, LA $0.2B 0.0% 13
Davenport-Moline-Rock Island, IA-IL $0.1B 0.0% 9
Wichita, KS $0.1B 0.0% 10
Waco, TX $0.1B 0.0% 6
Peoria, IL $0.1B 0.0% 11
Ocala, FL $0.1B — 12
Rockford, IL $0.1B 0.0% 9
Mobile, AL $0.1B 0.0% 9
Norwich-New London-Willimantic, CT $0.1B 0.0% 7
Fort Smith, AR-OK $0.0B 0.0% 6
Tyler, TX $0.0B 0.0% 5
Chico, CA $0.0B — 5
Texarkana, TX-AR $0.0B 0.0% 3
See the whole picture, not just the pulse.
Metro Pulse is the free, public read — one page for every market we cover. The platform goes loan‑by‑loan inside it: which buildings carry the stress, when their debt comes due, and your own portfolio benchmarked against the market you are standing in.
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