**CMBS Delinquency Rate Surpasses 7% for the First Time Since 2021**
The Trepp CMBS (Commercial Mortgage-Backed Securities) Delinquency Rate climbed significantly in April 2025, rising by 38 basis points to reach 7.03%. This marks the first time the rate has surpassed the 7.00% threshold since January 2021. Just one year ago, the overall delinquency rate stood at 5.07%.
While the office sector continues to report the highest delinquency rate among property types at 10.28%, notable increases were observed in the multifamily and lodging sectors. The multifamily delinquency rate rose by 113 basis points to 6.57%—a continuation of the upward trend seen in March, which had already marked the highest reading for the sector since March 2015, when it peaked at 8.28%.
The lodging sector also experienced its fourth consecutive month of rising delinquencies, increasing by 66 basis points to 7.85%. This figure now surpasses the February 2022 rate of 7.82%. The office sector also saw a rise, climbing 52 basis points, though it remains below its all-time high of 11.01%, recorded in December of last year.
In contrast to these trends, retail delinquencies saw improvement, declining by 70 basis points to 7.12%. The industrial sector maintained its strength, with delinquencies decreasing by another 10 basis points to a low 0.50%.
These figures highlight a mixed but generally concerning trend across CMBS property types, as several sectors continue to face economic and operational headwinds.
