National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
CMBS Delinquency Rate Clears 7% Mark for First Time in Four Years
The Trepp CMBS Delinquency Rate rose again in April 2025, increasing 38 basis points overall to 7.03%. The overall rate has now cleared the 7.00% mark for the first time since January 2021. A year ago, it was 5.07%.
Although office continues to post the highest CMBS delinquency rate at 10.28%, two property types that experienced substantial increases during April were multifamily and lodging. The multifamily delinquency rate jumped another 113 bps to 6.57%. This follows March’s increase, which itself marked the highest reading since March 2015, when the rate stood at 8.28%.
The lodging sector rate rose for the fourth consecutive month, rising 66 bps to 7.85% and reaching three bps higher than February 2022, when it was 7.82%. Office rose 52 bps after retreating from the sector’s all-time high of 11.01% this past December.
Conversely, retail delinquencies fell by 70 bps to 7.12%. Industrial delinquencies slid another 10 bps to 0.50%.
- ◦Financing
