[[{“value”:”
**Office and Multifamily CMBS Delinquencies Reach New Highs**
Multifamily and office CMBS (Commercial Mortgage-Backed Securities) delinquencies climbed in August, with both sectors reaching troubling new milestones, according to data from Trepp.
The multifamily sector experienced a 71-basis-point jump, bringing delinquencies to 6.86% — the highest level in nine years. The office sector saw an even more dramatic increase, with delinquencies rising by 62 basis points to a record-high rate of 11.66%.
In contrast, the retail sector posted positive movement. Retail-backed CMBS delinquencies fell by 48 basis points to 6.42%, marking the lowest delinquency rate for this property type in over a year.
August marked the sixth consecutive month of increases in the overall CMBS delinquency rate, which rose by six basis points to 7.29%. For historical context, the all-time high occurred in August 2012, when the delinquency rate peaked at 10.34%.
The total delinquent loan balance reached $44.1 billion in August, up from $43.3 billion in July. Meanwhile, the overall outstanding balance of CMBS rose to $604.6 billion, compared to $598.9 billion the previous month. The office sector was the primary driver of this increase, with newly delinquent loans totaling $2.5 billion, offset by $1.3 billion in cured loans.
These figures underscore the ongoing pressures facing the commercial real estate market, particularly in the office and multifamily sectors as they continue to navigate a complex economic environment.
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