Office CMBS Loans7.5% to 10% Non Recourse 10 Year Fixed · $10 million and up
Talk to PeerSense. The capital source sets the terms. Every deal is stress tested against exit cap rates 100 to 200 bps wider than current marks before sizing. Non recourse 10 year fixed, 55% to 65% LTV, 25 year amortization.
Class A CBD credit tenant · medical office (on campus + credit tenant off campus) · life science convertible · government occupied · trophy CBD.
Last updated: ·By Ed Freeman, Capital Advisor. PeerSense
What are typical office CMBS rates in 2026?
Talk to PeerSense. The capital source sets the terms. Required: Class A CBD with credit tenant long lease, medical office on campus, life science convertible, or government occupied. Stabilized 90%+ occupancy, 1.40x+ DSCR, debt yield clearing the 9.5% office floor, and lease WALT clearing the 10 year loan term. Rates 7.5% to 10.0% non recourse 10 year fixed in May 2026: Class A CBD credit tenant 7.5% to 8.5%, medical office 7.25% to 8.25%, Class A CBD multi tenant 8.0% to 9.0%, Class B 8.5% to 9.75%. Lenders stress test exit cap rates +100 to 200 bps wider than current. Class B / suburban / vacant / repositioning office routes to [bridge financing](/bridge-loans/office) first.
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated May 2026.
Office CMBS Underwriting Matrix, Rate, LTV, DSCR by Deal Profile
CMBS conduits price office deals based on a tight underwriting grid: property class, sponsor credit, tenant concentration (single-tenant vs. multi-tenant), DSCR, and lease term. Pick your deal profile for typical CMBS spread pricing.
| Property Type | Max LTV | Min DSCR | Term | Amortization | Rate Range | Recourse |
|---|---|---|---|---|---|---|
| Class A CBD Credit Tenant Single Tenant | 60 to 65% | 1.40x | 10-yr fixed | 25 yr (2 to 3 IO) | 7.5% to 8.5% | Non recourse |
| Medical Office (On Campus) | 65 to 70% | 1.40x | 10-yr fixed | 25 yr (2 to 3 IO) | 7.25% to 8.25% | Non recourse |
| Medical Office (Off Campus Credit Tenant) | 60 to 65% | 1.40x | 10-yr fixed | 25 yr (2 IO) | 7.75% to 8.75% | Non recourse |
| Class A CBD Multi Tenant | 55 to 60% | 1.45x | 10-yr fixed | 25 yr (1 to 2 IO) | 8.0% to 9.0% | Non recourse |
| Life Science Convertible Office | 55 to 65% | 1.40x | 10-yr fixed | 25 yr (1 to 2 IO) | 8.0% to 9.25% | Non recourse |
| Government Occupied Office (GSA) | 65 to 70% | 1.35x | 10-yr fixed | 25 yr (2 to 3 IO) | 7.5% to 8.5% | Non recourse |
| Suburban Class A Office | 50 to 55% | 1.50x | 10-yr fixed | 25 yr (0 to 2 IO) | 8.25% to 9.5% | Non recourse |
| Class B Office (Stabilized) | 50 to 55% | 1.55x | 10-yr fixed | 25 yr (0 to 1 IO) | 8.5% to 9.75% | Non recourse |
Class A CBD Credit Tenant Single Tenant7.5% to 8.5% · 60 to 65% LTV
- Max LTV
- 60 to 65%
- Min DSCR
- 1.40x
- Term
- 10-yr fixed
- Amortization
- 25 yr (2 to 3 IO)
- Rate Range
- 7.5% to 8.5%
- Recourse
- Non recourse
Medical Office (On Campus)7.25% to 8.25% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.40x
- Term
- 10-yr fixed
- Amortization
- 25 yr (2 to 3 IO)
- Rate Range
- 7.25% to 8.25%
- Recourse
- Non recourse
Medical Office (Off Campus Credit Tenant)7.75% to 8.75% · 60 to 65% LTV
- Max LTV
- 60 to 65%
- Min DSCR
- 1.40x
- Term
- 10-yr fixed
- Amortization
- 25 yr (2 IO)
- Rate Range
- 7.75% to 8.75%
- Recourse
- Non recourse
Class A CBD Multi Tenant8.0% to 9.0% · 55 to 60% LTV
- Max LTV
- 55 to 60%
- Min DSCR
- 1.45x
- Term
- 10-yr fixed
- Amortization
- 25 yr (1 to 2 IO)
- Rate Range
- 8.0% to 9.0%
- Recourse
- Non recourse
Life Science Convertible Office8.0% to 9.25% · 55 to 65% LTV
- Max LTV
- 55 to 65%
- Min DSCR
- 1.40x
- Term
- 10-yr fixed
- Amortization
- 25 yr (1 to 2 IO)
- Rate Range
- 8.0% to 9.25%
- Recourse
- Non recourse
Government Occupied Office (GSA)7.5% to 8.5% · 65 to 70% LTV
- Max LTV
- 65 to 70%
- Min DSCR
- 1.35x
- Term
- 10-yr fixed
- Amortization
- 25 yr (2 to 3 IO)
- Rate Range
- 7.5% to 8.5%
- Recourse
- Non recourse
Suburban Class A Office8.25% to 9.5% · 50 to 55% LTV
- Max LTV
- 50 to 55%
- Min DSCR
- 1.50x
- Term
- 10-yr fixed
- Amortization
- 25 yr (0 to 2 IO)
- Rate Range
- 8.25% to 9.5%
- Recourse
- Non recourse
Class B Office (Stabilized)8.5% to 9.75% · 50 to 55% LTV
- Max LTV
- 50 to 55%
- Min DSCR
- 1.55x
- Term
- 10-yr fixed
- Amortization
- 25 yr (0 to 1 IO)
- Rate Range
- 8.5% to 9.75%
- Recourse
- Non recourse
Indicative only, as of May 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Indicative ranges as of May 2026. Individual deal pricing depends on LTV, DSCR, property type, tenant credit, sponsor track record, and market spreads at the time of rate lock. Contact PeerSense for a deal specific indication.
Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Why Office CMBS Is the Most Stress Tested Category in CRE
Post COVID structural vacancy (major metros running 18 to 25% availability vs. 10 to 12% historical) has fundamentally reshaped how CMBS conduits and rating agencies underwrite office. Every deal gets stress tested against exit cap rates 100 to 200 bps wider than current marks. Re leasing assumptions use stressed rents 10 to 25% below market. TI/LC reserves are front loaded to cover re leasing costs at lease roll. That stress testing is what's keeping LTVs at 55% to 65% and DSCRs at 1.40x to 1.60x, which in turn constrains proceeds but preserves non recourse execution for sponsors willing to put more equity in.
Medical Office Is the Outlier | Tightest Office CMBS
Medical office (MOB) on campus and affiliated | health system, specialty practice, or hospital anchored | trades 50 to 150 bps tighter than generic office CMBS. Tenant credit is stronger (health systems, Fortune 500 medical groups), occupancy is sticky (tenants invest in buildouts they can't easily move), and specialty lender competition (Kayne Anderson, Ventas, Welltower, Synovus) is deep. MOB qualifies for 65% to 70% LTV, 1.40x DSCR.
Credit Tenant Long Lease = Tightest CMBS Spreads
Class A CBD office with a single credit tenant (investment grade rated corporation on a 10+ year NNN lease) trades at the tightest office CMBS spreads because the cash flow is essentially a credit lease bond with real estate collateral. Law firms on 15 year leases, Fortune 500 HQ occupancy, government occupied (GSA) office | these are where CMBS office is still being actively originated at 7.5% to 8.5% in May 2026.
Stressed Exit Cap Rate = Loan Sizing Discipline
CMBS conduits size office loans to a stressed exit cap rate assumption | if current comps trade at 7.5% cap, lender sizes against 9.0 to 9.5% exit cap. That 150 to 200 bps cap rate cushion is what's keeping LTV ratios at 55% to 65% even on prestigious Class A deals. Sponsors have to put more equity in, but non recourse is preserved.
Office to Residential Conversion = Exit Stage CMBS
If your office is undergoing conversion to residential/mixed-use, bridge is the construction financing. Post conversion CMBS (or agency debt if residential dominant) is the permanent financing. Bridge + conversion + CMBS is the dominant capital stack for major urban office to residential conversions in NYC, SF, DC, Chicago, LA. See /bridge-loans/office for the bridge side.
Office CMBS Deal Types We Structure
Class A CBD Credit Tenant Single Tenant
You own or are refinancing a Class A CBD office building 100% leased to an investment grade credit tenant (Fortune 500 corporate HQ, major law firm, financial services, tech anchor) on a 10+ year remaining NNN lease. CMBS locks in 7.5% to 8.5% non recourse at 60% to 65% LTV.
Medical Office Building (On Campus)
You own an on campus medical office building adjacent to a major hospital with health system tenants on long NNN leases. CMBS locks in 7.25% to 8.25% non recourse at 65% to 70% LTV with 2 to 3 years IO | tightest rates in office CMBS.
GSA / Government Occupied Office
Federal or state government occupied office (GSA lease, court building, federal agency) with 10+ year lease and renewal probability. CMBS treats government tenancy as near credit tenant pricing (7.5% to 8.5%) with 65% to 70% LTV.
Post Repositioning Stabilization Refinance
You completed a Class B office repositioning (amenity upgrade, lobby rebuild, tenant re leasing) with bridge; now at stabilized occupancy (85%+) with WALT 7+ years. CMBS refinance locks in long term non recourse at 8.25% to 9.5% at 50% to 55% LTV.
Life Science Convertible Office
Your office building in a life sciences market (Boston, SF, San Diego, Raleigh Durham) has lab convertible specs (12'+ ceilings, 100+ lb/SF floor loads, adequate HVAC). With 5+ year tenant commitments, CMBS finances at 8.0% to 9.25% non recourse 10 yr fixed.
Office CMBS Loans, Frequently Asked Questions
What are typical office CMBS rates in 2026?+
Office CMBS rates are 7.5% to 10.0% non recourse 10 year fixed in May 2026, the highest among major CRE asset classes reflecting post COVID structural vacancy concerns. Class A CBD with credit tenant single tenant lease: 7.5% to 8.5%. Medical office: 7.25% to 8.25% (tightest office sub category). Class A CBD multi tenant: 8.0% to 9.0%. Class B office: 8.5% to 9.75%. Suburban office: 8.25% to 9.5%.
Is office CMBS even available in 2026?+
Yes, but selectively. CMBS conduits continue to lend on Class A CBD office with credit tenant long lease structures, medical office, life science convertible office, and government occupied office. The bar is high: institutional sponsor, 1.40x+ DSCR, clear long term leases, post COVID occupancy recovery trajectory. Generic suburban Class B/C office with trailing vacancy concerns is largely outside CMBS mandate, bridge + private credit is the alternative (see /bridge-loans/office).
What LTV can I get on office CMBS?+
Office CMBS LTV is the lowest of any CRE asset class, 55% to 65% max. Class A CBD credit tenant: 60% to 65%. Medical office on campus: 65% to 70%. Class A CBD multi tenant: 55% to 60%. Class B office: 50% to 55%. Lenders stress test exit cap rates 100 to 200 bps wider than current marks before sizing, which forces conservative LTVs.
Does medical office CMBS price differently?+
Yes. Medical office (MOB) trades 50 to 150 bps tighter than generic office CMBS because tenant credit is stronger (health systems, specialty practices with 10 year+ triple net leases), occupancy is sticky (tenants invest heavily in buildouts), and specialty lender competition is deep. Expect 7.25% to 8.25% CMBS rates and 65% to 70% LTV on clean on campus MOB.
Can I refinance a maturing office CMBS loan with new CMBS?+
Selectively. If your office has stabilized at 90%+ occupancy with 5+ year WALT and credit tenants, CMBS to CMBS refinance is available at current market terms (likely wider spreads than your original 2014 to 2017 CMBS). If NOI has declined materially, bridge to CMBS is the alternative path, 24 to 36 months of bridge at 10% to 13% to stabilize, then CMBS refinance at improved metrics. See /bridge-loans/office.
Is office CMBS non recourse?+
Yes. All office CMBS loans are non recourse with bad boy carve outs. TI/LC reserves, occasionally operating covenants (minimum DSCR, occupancy floor), and NOI coverage triggers are enforced during the loan term. Non recourse is preserved even on office CMBS despite the market stress.
What's the minimum DSCR on office CMBS?+
Minimum DSCR is 1.40x to 1.60x on trailing 12 month NOI, the highest DSCR requirement of any CRE asset class. Class A CBD credit tenant: 1.40x. Medical office: 1.40x. Multi tenant office: 1.45x to 1.55x. Class B office: 1.50x to 1.60x. Stressed DSCR at the lender (applying rent growth haircuts, TI/LC reserves, and re leasing assumptions) is often 15 to 25% below trailing NOI.
How does WALT affect office CMBS pricing?+
WALT is critical for office CMBS. 10 year+ WALT on credit tenants qualifies for the tightest spreads. 5 to 7 year WALT qualifies for standard pricing. Under 5 year WALT triggers aggressive rollover risk pricing (+100 to 250 bps) and lower LTV. Office CMBS conduits stress test lease expirations during the loan term assuming renewal rates 10 to 25% below market, this haircut is the main reason LTVs are constrained.
Deals We Structure
Originators, factoring, CMBS, and bridge. Sizes and structures only. No counterparties named. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Focus is 100 million a month. The desk will look at 10 million a month.
Tape first. 10 million is not the focus.
$20 million a month B2B invoices
Advance on the account debtor. Annual receivables is not facility size.
$10 million and up flagged hotel, CMBS refi
Cash in about 35 percent. Named takeout.
$10 million and up value add multifamily bridge
Named takeout first. Close follows the book.
Hyperscaler lease. Owner keeps the facility.
Up to 89 percent of contracted lease value. Do not name the source.
Revolving line against eligible originator receivables
Advance rates are set facility by facility by asset class. Often paired with a flow takeout.
Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Talk to PeerSense
Property address, purchase price or payoff, trailing 12 NOI, occupancy, WALT, and exit plan. We'll return a CMBS spread indication and conduit shortlist.
Office CMBS Loan: The desk will reach out. No obligation.
Ready to Lock Your Office CMBS Rate?
Send us the property address, purchase price (or payoff balance), trailing 12 NOI, rent roll, and exit plan. We'll return a CMBS spread indication and conduit shortlist. Public floor is $10 million and up. Cash in about 35 percent.
Fee at closing only · Complimentary initial consultation
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated May 2026.
Disclaimer: Office CMBS conduit rates, terms, and availability are subject to change based on property condition, sponsor qualifications, tenant concentration, market conditions, securitization schedule, and rating agency reviews. Rate ranges quoted reflect approximate May 2026 10 year fixed CMBS conduit pricing and may not reflect current market conditions at the time of reading. CMBS loans carry defeasance or yield maintenance prepayment structures, review the prepayment schedule carefully before closing. PeerSense sources capital through a curated network of commercial lenders and capital sources. All financing is provided by third party CMBS conduit lenders subject to their own underwriting criteria, rating agency review, and securitization timelines. Borrowers should consult qualified financial and legal professionals before making any financing decisions.