Could be a plug-in causing this. Not all plug-ins like rendering faster than realtime and need to be rendered in "1x offline" or even "online" mode. Please also try checking "Inform plug-ins of offline rendering state" in Preferences->Plug-ins->VST...Compatibility settings. If all fails, there's still File->Save live output to disk (bounce)" you could try.
Other than that, you could only remove/bypass FX chains, starting with the master track until the problem disappears, then figure out which plug-in in the chain is causing the trouble.
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