Two more CMBS issuances have been delayed by market weakness in the wake of the Russian invasion of Ukraine. The delays come on the heels of another CMBS holdup earlier this week by Deutsche Bank.

A $1.9B CMBS linked to office assets owned by Columbia Property Trust and Allianz SE has been delayed, Bloomberg reports, citing anonymous bond investors. The seven properties are in New York, Boston, San Francisco, Jersey City and Washington, D.C.

“Volatility and office are not a great combo,” Polpo Capital Chief Investment Officer Daniel McNamara told Bloomberg.

In that case, the CMBS would have helped finance taking Columbia Property Trust private by PIMCO, a subsidiary of Allianz SE.

A separate CMBS led by Deutsche Bank and known as COMM 2022-LSC has also been delayed. A few days earlier, the German financial giant delayed a different CMBS, a $1.5B offering tied to the firm’s new headquarters in Columbus Circle in Manhattan.

The new uncertainty comes after a bumper crop of CMBS issuances in 2021, riding the optimism characterizing real estate markets as the grip of the pandemic seemed to ease.

U.S. CMBS issuance spiked to $109.1B last year, nearly double the amount in 2020 and more than in 2019, according to Trepp data. That represented the highest level since 2007, just before the Great Recession.