The OffMarketX Distress Index
1236 distressed commercial real estate situations tracked across the 15 largest United States metros, led by multifamily (541) and the maturity wall (569).
The Distress Index is the market's early-warning read on where commercial real estate distress is concentrating, before it reaches a public process. Owners and sponsors who move at the first signal can sell privately and principal-direct, ahead of a maturity default, a foreclosure, or a special-servicing workout.
Metro distress leaderboard
| Rank | Metro | Situations | Index score |
|---|---|---|---|
| 1 | Miami | 28 | 100 |
| 2 | Manhattan / NYC | 19 | 68 |
| 3 | Dallas-Fort Worth | 19 | 68 |
| 4 | Austin | 18 | 64 |
| 5 | Denver | 16 | 57 |
| 6 | Chicago | 6 | 21 |
| 7 | Houston | 6 | 21 |
7 of 15 tracked metros cleared the small-cell floor of 5 and are shown; the remaining 8 are suppressed.
By asset class
| Asset class | Count |
|---|---|
| Multifamily | 541 |
| Mixed-Use | 327 |
| Office | 129 |
| Retail | 88 |
| Hospitality | 77 |
| Industrial | 42 |
| Manufactured Housing | 16 |
| Self-Storage | 14 |
| Land | 2 |
By distress type
| Category | Count |
|---|---|
| Maturity default | 569 |
| Legal distress (foreclosure, receivership, bankruptcy) | 339 |
| Financial distress (special servicing, loan default) | 328 |
What changed this quarter
633 distress signals newly tracked in 2026-Q2. The maturity wall continues to build into 2028.
Methodology
The OffMarketX Distress Index counts tracked commercial real estate distress catalyst signals in the maturity-default, legal-distress, and financial-distress categories across the 15 largest United States metros. Every figure is an aggregate count, point-in-time, derived from public-record and public-source signals. No individual situation, owner, address, loan, or dollar amount is published. Metro figures are published only where the count clears a small-cell floor of 5.
As of 2026-Q2. Snapshot generated 2026-06-25.