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The delinquency rate for office CMBS continued to increase in April even as the overall delinquency rate held steady, according to Trepp

Office CMBS Delinquencies Increase as Overall Rate Holds Steady 

The Trepp CMBS Delinquency Rate held steady at 3.09% in April, but the segment that everyone continues to watch closely saw its rate move higher again last month. Declines in the retail, lodging and multifamily rates offset a small increase in industrial loans and a bigger increase for office.  

Office delinquencies rose 16 basis points in April to 2.77%, Trepp said. Although the delinquency rate is lower than that for retail or lodging, both retail and hotel delinquencies have declined over the past 12 months, where office late-pays have increased by more than 100 bps. 

“Office remains the most heavily watched part of the market as firms look to aggressively reduce space,” wrote Trepp’s Manus Clancy. “Sublease space is at or near record highs in many markets as demand from big tech firms has eroded sharply. In addition, many companies are letting leases expire or are renewing for smaller footprints.” 


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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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