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CMBS Special Servicing Rate Begins 2026 with Increase
The Trepp CMBS Special Servicing Rate increased 20 basis points in January to 10.91%, led by several new transfers in the office sector. January was marked by uneven shifts across property types.
Month over month, office recorded the largest increase, rising 47 bps to 17.11%. Multifamily moved six bps higher to 8.14%, and industrial was effectively flat with a one-bp uptick to 0.85%.
Conversely, the mixed‑use special servicing declined by 30 bps to 13.67%, and retail fell 23 bps to 11.76%, while lodging retreated 11 bps to 9.37%.
Trepp reported that the largest loan to transfer to special servicing in January was the $835-million
One New York Plaza loan, backed by a 2.6-million-square-foot office tower in Lower Manhattan, which moved to special servicing for imminent balloon/maturity default. The loan, which had never been delinquent prior to this month, reached its scheduled maturity in January and was classified as a nonperforming matured balloon. Under a loan modification negotiated by the borrower, the loan has been extended to January 2028.
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- ◦Financing
