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CMBS Delinquencies Drop for Ninth Consecutive Month

Continuing a trend that has been in place for nine months, CMBS delinquencies fell month over month in March, Trepp and Fitch Ratings reported. For Fitch-rated CMBS transactions, the decline was 23 basis points to 4.1%; Trepp noted a 22-bp drop to 6.58%.

Driving the March decline were resolutions of retail loans, Fitch reported. “Both resolution activity and new issuance volume remain strong, and the pace of new delinquencies has slowed considerably,” according to Fitch.

Trepp’s Manus Clancy wrote, “Delinquency rates started increasing a year ago, as lockdown mandates issued to stem the spread of the coronavirus started impacting property owners’ ability to collect rent payments.” Following spikes last May and June, though, they have declined every month since then. 

However, CMBS delinquencies remain elevated compared to their year-ago levels, according to Trepp data. In March 2020, prior to the pandemic influencing an uptick, the delinquency rate was 1.6%.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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 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).

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