High-rise commercial buildings

Sub Markets

Property Sectors

Topics

National CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

National  + Distressed Assets  | 

CMBS Delinquencies Surge in April, Led by Office

The Trepp CMBS Delinquency rate surged in April 2024 after posting a slight decline in March. Overall, the delinquency rate increased 40 basis points to 5.07% for the highest level since September 2021, when the rate was 5.35%.

The increase was driven by spikes in the office, lodging and retail sectors, Trepp said. More than a dozen securitized loans with outstanding balances greater than $100 million became delinquent during April.

Office led in both the overall delinquency rate at 7.38% and the biggest monthly increase at 80 bps, following by lodging with a 52-bp increase and retail with a 38-bp rise. The size of the month-over-month increases for each of these three property sectors was the highest in almost a year.

Conversely, multifamily delinquencies saw a 51-bp decrease to 1.33%, while industrial delinquencies declined three bps to 0.44%

Connect

Inside The Story

Trepp

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing