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The CMBS special servicing rate rose 23 basis points in November, the biggest monthly increase in more than two years

CMBS Special Servicing Rate Posts Biggest Monthly Gain Since 2020 

The Trepp CMBS Special Servicing Rate rose 23 basis points in November to 5.20%, in contrast to the incremental increases seen in prior months. Six months ago, the rate was 5.12%, and 12 months ago, the rate was 6.95%. 

The November rate represents the largest month-to-month increase since September 2020, according to Trepp. In November, three of the five major CRE property types experienced a rise in their respective special servicing rates, while the retail sector special servicing rate inched down and industrial was unchanged. 

November’s 23-bp rise was largely due to a flurry of lodging, multifamily and office transfers to special servicing, Trepp reported. In a month where the multifamily delinquency rate rose nearly 100 bps, the multifamily special servicing rate also rose by 69 bps, more than any other major CRE property type. 

Approximately $2.8 billion in CMBS debt was transferred to a special servicer in November. Lodging transfers made up 29% of the newly transferred balance, with office comprising 20%.  



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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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