Past-due US commercial property loans hit 10-year high

Delinquent commercial real estate loans at US banks have hit their highest level in a decade. The volume of past-due loans, in which non-owner occupiers have missed more than one payment, jumped by 30%, or $4bn, to $17.7bn in the three months to the end of September. According to industry tracker BankRegData, the figure has risen by $10bn in a year. While just 1.5% of US commercial property loans are past due, the number of properties under pressure is likely to continue to rise, especially in the office sector. The Q3 data, for example, did not capture the impact of this week’s bankruptcy filing by WeWork, which is one of the largest office tenants in cities from New York to San Francisco. The FT (£)