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CMBS Delinquencies Post Slight Decline After Six Months of Increases
The Trepp CMBS Delinquency Rate decreased in September 2025 by six basis points to 7.23%, marking the first monthly decline since February. In September, the overall delinquent balance was $43.5 billion and the outstanding balance was $601.3 billion. Both are down from $44.1 billion and $604.6 billion, respectively, in August.
All sectors but one saw a delinquency rate retreat in September, Trepp reported. The lone sector to see an increase was retail, which rose 34 bps to 6.76% following back-to-back months of declines.
Lodging delinquencies fell 73 bps from 6.54% to 5.81%, the lowest rate since March 2024. The office rate declined 53 bps to 11.13%, which would still have represented an all-time high before the August reading. The multifamily delinquency rate pulled back 27 bps from 6.86% to 6.59%, still nearly double its rate a year ago. Industrial’s delinquency rate decreased by four bps from 0.60% to 0.56%.
- ◦Financing
