It's about neither Covid nor the 2008 crash. It is about the delinquency rate in Commercial Mortgage Backed Securities comprising mortgages on offices, over time.
It covers both the Covid period and the 2008 crash period.
The point you make is (or at least I infer that it is) is that the economy now must be worse than the economy in the years following the 2008 crash, because of the bigger spike in the CMBS (Office) delinquency rates.
The point I make is that the bottom has dropped out of commercial property since Covid, particularly office space, because of the major shift to home or hybrid working which continues to this day. That shift has unquestionably resulted in many tenants reducing their office space, downward pressure on rents, and increased "empty property" periods. Downward pressure on rents and increased "empty property" time cause problems for landlords whose mortgages form part of CMBS. In some cases, this will mean the landlords cannot pay their mortgages, thereby increasing the delinquency rate, independently of underlying economic conditions.
My follow up point is that this chart is not useful to draw comparisons between the 2008 crash and now, because of an underlying factor now that was not present in 2008 onwards.
There may be a bubble, I don't know. But I would look for it other than in this chart or its underlying data.
