The CMBS Delinquency rate in February saw a slight increase, rising by five basis points to 4.71%. This represents a year-over-year increase of 159 bps for the overall U.S. CMBS delinquency rate.
In the office segment, delinquencies rose by 33 bps in February to reach 6.63%. This is consistent with the average monthly gain of 37 bps over the past year, according to Trepp.
On the other hand, retail properties showed improvement with a decline of 24 bps in delinquencies for February at just over six percent (6.03%). However, retail still has one of the highest rates compared to lodging (5.45%), multifamily (1.81%), and industrial (.43%).
If loans that are beyond their maturity date but current on interest were included in these numbers,the overall delinquency rate would be slightly higher at5 .69%, an increase of seven basis points from January’s figures.The percentageof loans that are only30 daysdelinquent also increased slightlyby sixbpsfor themonthto reach0 .30%.
Trepp notes thatthe all-time high forCMBSdeliquenciestook placein July2012at10 .34%andthatthehighestrate duringthepandemicwasregisteredin June2020at10 .32%.
This data was reported by Connect CRE without mentioning any specific organizations or locations such as “Connect” or “Connect CRE” or “Connect LA”or “Connect Texas”.
