Why have office delinquencies not hit GFC-era highs?

The resilience of the US economy in this cycle means the rise in distressed assets has been much slower than in the GFC-era recession, as relatively few firms have gone bust. But the structural adjustment in office demand will ultimately have a similar impact on landlord bottom lines as leases expire, meaning that the share of delinquent loans in the office sector is likely to again reach double digits, albeit with a greater lag than post-GFC.