CMBS issuance at the end of the second quarter is at its lowest level in four years. Only $9.5 billion of new CMBS offerings, divided among 17 transactions, was issued during second quarter 2016, according to Trepp. That total brings year-to-date issuance to $27.3 billion, down 47.3 percent from the $57.3 billion in CMBS issuance during first half 2015. The numbers have not been this low since 2012, when investors first began warming again to the asset class after it was virtually nonexistent following the global financial crisis.

Unsurprisingly, the fall in issuance has coincided with CMBS taking a step back in its share of total commercial mortgages. In 2007, 24.0 percent of all commercial mortgages were contained in CMBS, a figure that has dropped to 18.2 percent in 2016, and should fall further, according to Trepp.

Furthermore, the CMBS delinquency rate rose for the fifth consecutive month in July, this time by 16 basis points, to 4.76 percent. The rate is still 66