Office is the most challenged commercial real estate sector of 2026. Remote and hybrid work have permanently shifted demand patterns, and the financing market has repriced accordingly. But office financing hasn’t disappeared, it’s become more selective. This guide identifies the lenders still actively writing office refinances in 2026 and the conditions under which they’ll commit.

The 2026 Office Lending Market

The office lending market has bifurcated sharply:

  • Class A, suburban, multi-tenant with strong occupancy (85%+): Financeable with the right lender and terms
  • Class A, urban core, full-service (gateway cities): Difficult; vacancy rates in many markets exceed 20%
  • Class B/C, older vintage: Very limited lender appetite; conversion potential is the key underwriting story
  • Medical office (MOB): Treated separately from traditional office, strong lender appetite (see Article 22)
  • Single-tenant NNN (long-term lease): Lender appetite remains reasonable; tenant credit quality is the primary driver

Looking for Commercial Financing?

Tribune Funding works with a nationwide network of private lenders, debt funds, and direct capital sources. Tell us about your deal and we’ll match you with the right financing.

Apply for Financing →

Who Is Still Lending on Office in 2026

Lender Type Appetite Loan Size Max LTV Notes
Life Insurance Companies Selective (Class A only) $10M+ 55–60% Long-term leases, strong tenants only
CMBS Conduit Low–Medium $5M+ 55–65% Requires 80%+ occupancy; NNN preferred
Community / Regional Banks Selective $500K – $10M 60–65% Local relationships; suburban preferred
Debt Funds (bridge) Medium $2M – $50M 60–65% Stabilized or near-stabilized; value-add OK
Private / Hard Money High $200K – $5M 55–65% Asset-based; any occupancy
Credit Unions Selective $250K – $5M 60–65% Member relationships; local markets

Notable absences: National banks have dramatically reduced office exposure. Many have effectively exited new office origination above their existing portfolio positions. CMBS volume for office has declined sharply and most conduits require exceptional deals to commit.

Underwriting Requirements for Office Refinances in 2026

Occupancy

The single most important factor. Most lenders require 80–90%+ occupancy with signed leases. Properties below 80% are bridge loan candidates only. Below 70%, even private bridge lenders become selective.

Lease Quality

Weighted average lease term (WALT) is carefully analyzed. Short WALT (under 3 years) means significant rollover risk during the loan term, lenders price this conservatively or decline. Long-term leases with investment-grade tenants are the gold standard.

DSCR

Office DSCR requirements are 1.30x–1.40x at most lenders, higher than multifamily or industrial because income volatility is greater. The extra cushion reflects the risk of tenant departures at lease expiration.

LTV

Maximum LTV has compressed to 55–65% for most office lenders, down from 70–75% pre-2022. This means more equity required (or less cash-out available) than borrowers may expect.

Market Analysis

Lenders are underwriting office submarket supply/demand carefully. Properties in suburban submarkets with tight vacancy and strong employer base get better terms than properties in urban core markets with persistent vacancy.

Rates and Terms

Loan Type Rate Range LTV Term Notes
Permanent (bank/life company) 7.50% – 9.50% 55–65% 5–10 yr Class A, 85%+ occupancy, long leases
CMBS (stabilized) 7.50% – 9.00% 55–65% 5–10 yr Non-recourse; NNN/strong tenants
Bridge (value-add) 9.50% – 12.00% 60–65% 12–36 mo Transitional occupancy or repositioning
Hard Money (distressed) 11.50% – 14.00% 50–60% 12–24 mo High vacancy, conversion candidates

The Best-Case Office Refinance Profile in 2026

The deals that get done in the current office market share a consistent profile:

  • Suburban location (not gateway urban CBD)
  • Multi-tenant with 85%+ occupancy
  • WALT of 5+ years
  • At least one investment-grade tenant anchor
  • Modern vintage (built or substantially renovated post-2010)
  • Amenity-rich (parking, food service, fitness, collaborative spaces)
  • LTV request at or below 60%
  • DSCR exceeds 1.35x

If your deal hits most of these criteria, permanent refinancing is achievable at competitive terms. If it misses more than two or three, bridge or hard money may be the appropriate interim step.

Frequently Asked Questions

Are banks still lending on office buildings in 2026?

Yes, selectively. National banks have dramatically reduced office exposure, but community and regional banks with hospitality expertise still actively lend on well-occupied suburban office (85%+ occupancy, long-term leases). Debt funds and private bridge lenders remain active for transitional office deals. The deals that get funded have strong occupancy, long lease terms, and modest leverage requests (under 65% LTV).

What LTV can I get for an office building refinance in 2026?

Most office lenders have compressed maximum LTV to 55–65% in 2026, down from 70–75% pre-2022. The tighter LTV reflects the sector’s risk profile. Properties with exceptional occupancy, long leases, and investment-grade tenants may access the top of this range; properties with rollover risk or below-average occupancy will face 55–60% caps or bridge-only options.

Related Guides

Ready to Move Forward on Your Deal?

Tribune Funding connects borrowers with the right lenders for commercial real estate, construction, hospitality, office, and mixed-use projects. Loans from $500K to $50M+.

Submit Your Loan Inquiry

No obligation. Response within 1 business day.