In February, the Trepp CMBS Delinquency rate saw a slight increase of five basis points to reach 4.71%. This marks a year-over-year increase of 159 bps for the overall U.S. CMBS delinquency rate.
The office segment, which is closely monitored, experienced a rise in delinquencies by 33 bps to reach 6.63% in February. According to Trepp’s data, this month-over-month increase aligns with the average monthly gain of 37 bps seen over the past year.
On the other hand, retail properties showed improvement with a decline of 24 bps and an overall delinquency rate of only 6.03%. However, retail still has one of the highest rates compared to lodging (5.45%), multifamily (1.81%), and industrial (0 .43%).
If loans that are current on interest but beyond their maturity date were included in these numbers ,the delinquency rate would be slightly higher at5 .69%, up seven basis points from January’s figures.The percentageof loans that are30 daysdelinquent also increased by sixbps during themonthto reach0 .30%.
AccordingtoTrepp,thehighestCMBSdelinq uenc yrateonrecordwas10 .34%inJuly2012.Th e peakduringthepandemicwasreachedinJune2020at10 .32%.
This latest update on CMBS Deliquencies showsa modestincreaseforFebruaryandprovidesinsightintotheongoingimpactsofCOVID-19oncommercialpropertiesacrossthecountry.
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