Fresh CMBS data just dropped: Commercial real estate is getting crushed right now.

The evidence is in skyrocketing non-payment rates for commercial mortgages.

To put it another way: These businesses aren’t making money, so they’re not paying their bills.

Multifamily is at a staggering 6.59% non-payment rate.

Office is at 11.13%. Retail is climbing past 6.7%.

Every other commercial real estate sector is getting crushed…

But storage is holding steady at just 0.1%

That’s one in a thousand self storage properties that isn’t earning enough to keep the lights on.

And that’s great, but here’s how it could still cost you a fortune:

Banks aren’t blind. They’re watching multifamily and office implode. They’re the ones who aren’t getting paid back.

Storage doesn’t have its own category; It usually gets lumped in with “industrial” which overall is above 0.5% non-payment and climbing.

These trends are SPOOKING lenders.

Banks that used to approve 8 out of 10 storage deals are now rejecting 9 out of 10. Not because storage fundamentals changed, but because their risk committees are panicking.

Meanwhile, operators who bought in 2021-2022 with floating-rate debt are hitting maturity walls right now. They can’t refinance at rates that work.

These aren’t bad properties. They’re timing casualties.

But when they flood the market over the next 18 months, they’ll create artificial downward pressure on valuations that affects EVERYONE.

The smart operators aren’t celebrating.

They’re stress-testing their deals at 9% rates.

They’re building relationships with lenders NOW, before competition for capital gets brutal.

They’re preparing to buy distressed assets at steep discounts while everyone else is still popping bottles.

Because when industry delinquency ticks from 0.56% to 1.2%, nobody will care that storage “doesn’t get its own category.”

The window’s going to close.

So here’s the question:

When those timing casualties hit the market at fire-sale prices, will you be the one buying them…

Or will you be one of them?

Talk soon,

Cody

P.S. Right now you can get access to Storage Financing Secrets – my bulletproof game plan for locking in storage financing from even the most nervous lenders – at the LOWEST price it’s EVER going to be.

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