**CMBS Special Servicing Rate Begins 2026 with Increase**
The Trepp CMBS Special Servicing Rate rose by 20 basis points in January, reaching 10.91%. The increase was driven primarily by a wave of new transfers within the office sector and came amid uneven movements across various property types.
Among the sectors, office saw the most significant month-over-month hike, climbing 47 basis points to 17.11%. The multifamily sector also experienced moderate upward momentum, increasing six basis points to 8.14%. The industrial sector remained largely stable, recording only a marginal one-basis-point increase to 0.85%.
In contrast, several property types exhibited improved performance. The mixed-use special servicing rate dropped 30 basis points to 13.67%, while retail declined by 23 basis points to 11.76%. Lodging saw a modest improvement, falling by 11 basis points to 9.37%.
The most notable loan to transfer into special servicing in January was the $835 million One New York Plaza loan. This loan is backed by a 2.6-million-square-foot office tower located in Lower Manhattan. It entered special servicing due to an imminent balloon/maturity default following its scheduled maturity in January. Previously current and never delinquent, the loan was designated as a nonperforming matured balloon. A loan modification has since been negotiated, extending the maturity date to January 2028.
