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CMBS Delinquencies Increase for First Time Since Mid-2020

Two contradictory views of CMBS performance during December 2021 came from Trepp and Fitch Ratings late last week. Trepp said the 60-day delinquency rate increased for the first time in 17 months, while Fitch-rated CMBS saw a nine-basis-point decline in delinquencies to 2.67%. However, both Fitch and Trepp reported increases in 30-day delinquencies for the month. 

Trepp attributed December’s 19-bp increase mainly to several large office delinquencies. The office sector also produced the largest 30-day delinquency as rated by Fitch: the $1.2-billion loan backing 245 Park Ave. in Midtown Manhattan (pictured). 

The percentage of loans with the special servicer fell to 6.75% in December from 6.94% in November, according to Trepp. For lodging loans, 13.72% were with the special servicer, representing a decline of 132 bps in December. For retail loans, 12.73% were in that category, a drop of 32 bps last month. 


Inside The Story

TreppFitch Ratings

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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