mortgagetape™Office CMBS geographic concentration by state
“Break down the current outstanding non-agency office CMBS book by property state — loan count and total UPB for each state, ranked by UPB.”
Response
Aggregating the latest reporting-period snapshot per trust, restricted to primary-property Office loans (primary_property_type_code = 'OF'):
| State | Office loans outstanding | Outstanding UPB | Avg loan size |
|---|---|---|---|
| California | 54 | $1.53B | $28M |
| New York | 37 | $0.87B | $24M |
| Texas | 21 | $0.50B | $24M |
| New Jersey | 13 | $0.38B | $29M |
| Pennsylvania | 14 | $0.34B | $24M |
| Washington | 5 | $0.26B | $53M |
| Ohio | 11 | $0.24B | $22M |
| North Carolina | 6 | $0.21B | $36M |
California and New York alone hold ~$2.4B of outstanding office CMBS UPB — over half the top-8-state total. That concentration reflects both where conduit issuance focused during the 2016-2019 window (gateway CBDs) and where large, still-outstanding loans have not yet paid off or refinanced. Smaller-state concentrations (Ohio, North Carolina) reflect the newer 2021+ conduit vintages that carried more distributed Sunbelt and secondary-market office collateral.
- Washington state is the highest-average-loan-size market ($53M per loan). Small loan count (5) but concentrated in trophy Seattle CBD assets — this is the "one big office building per trust" pattern.
- California and New York carry the bulk of the risk exposure. Roughly half of the top-8-state outstanding office UPB collateralizes CA + NY properties combined. A CBD-office DQ event in either state has outsize footprint on outstanding CMBS distress.
- Sunbelt exposure is present but distributed. Texas at 21 loans / $0.50B reflects the same "distributed suburban office" pattern seen in NC and Ohio — meaningful footprint but no single-loan trophy risk.
Data source: SEC EDGAR Reg AB II Schedule AL (form ABS-EE), latest reporting period per trust. Restricted to primary_property_type_code = 'OF' AND actual_balance_amt IS NOT NULL (primary loan pieces only, not secondary tranche splits).