Trepp: CMBS Delinquency Rate Falls in February

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Trepp, New York, released its latest CMBS delinquency rate report, finding that it decreased 33 basis points to 7.14%.

However, year-over-year the rate is still up by 84 basis points.

If loans past their maturity rate but current on interest were included, it would be 8.75%, down 39 basis points from January. That figure reflects the influence of maturities on overall CMBS performance, Trepp noted.

The percentage of loan balance in the 30-days delinquent bucket is 0.25%, down 13 basis points from January.

The seriously delinquent rate–recorded as 60-plus days delinquent, in foreclosure, REO or non-performing balloons–also declined, down 20 basis points to 6.89%.

If defeased loans were taken out of the equation, the overall headline delinquency rate would be 7.31%, down 35 basis points from January.

Rates for three of the five major property types declined. Office fell 114 basis points to 11.2%, after reaching an all-time high of 12.34% in January.

Retail fell 74 basis points to 6.3%, the lowest retail rate since August 2024 when it was at 6.21%.

Multifamily fell nine basis points to 6.85%.

On the other hand, lodging increased 38 basis points to 5.94%, and industrial rose five basis points to 0.67%.

The CMBS 2.0+ delinquency rate rose 33 basis points to 7.05%.