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NYC Leads Metros in Delinquency Balance, But Not Rate

Although the New York-New Jersey SMSA has the highest CMBS delinquency balance at $4.7 billion as of October, it doesn’t have the highest rate, Trepp reported. The metro area’s delinquency rate stands at 2.59%, the fourth highest rate among the top 10 metros by delinquency balance.  

“This is positive news considering that at the height of the pandemic, in June 2020, the delinquency rate for the New York-MSA stood at 7.05%,” according to Trepp. “This means in the past nearly 18 months, the delinquency rate dropped more than 400 basis points. 

Other MSAs including Chicago-Naperville-Elgin and Houston-The Woodlands-Sugar Land have seen drops of more than 800 bps. These substantial drops across all MSAs shown in the top 10 show “great signs of growth and recovery across many areas in the U.S.,” according to Trepp. 

The highest delinquency rate among the top 10 by balance is New Orleans at 11.16%. At 0.95%, Los Angeles-Long Beach posted the lowest rate among the top 10. 

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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 GlobeSt.com 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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