Silicon Valley Office Splits in Two as CMBS Delinquency Hits 12.16% and a $208.9MM Local Loan Sours

Even as Silicon Valley's office leasing rebound gathers pace, rising loan distress, a 10-year Treasury above 5.2 percent and tighter lending terms are dividing the region's office stock into two markets: long-leased trophy assets that trade above $1,000 per square foot, and older or emptier buildings that are clearing at a fraction of their former value.