[[{“value”:”
**Office CMBS Delinquencies Reach New All-Time High to Start 2026**
The Trepp CMBS Delinquency Rate continued its upward trend in January 2026, rising 17 basis points to 7.47%. This follows a modest four-basis-point increase in December 2025. The latest increase was largely driven by a nearly $1.6 billion net rise in delinquent loans, with the office sector contributing the most to the surge.
For the second consecutive month, three of the five major commercial property sectors saw their delinquency rates rise, albeit with a different mix than the previous month. Office properties experienced the sharpest increase, climbing 103 basis points to a new all-time high of 12.34%. This overtakes the previous record of 11.76% set in October 2025.
Multifamily properties also reported a significant jump, with delinquency rates increasing 30 basis points to 6.94% in January. This followed a 34-basis-point improvement in December. Retail delinquencies edged up 12 basis points to 7.04%. While still 78 basis points below its recent peak in March 2025, this marks the sixth monthly increase for the sector since the beginning of 2025.
On the other end of the spectrum, the lodging sector saw the largest improvement, with delinquencies declining by 105 basis points to 5.56%, its lowest level since March 2024. Industrial delinquencies also fell, breaking a three-month streak of increases by dropping 18 basis points to 0.62%.
These figures signal ongoing volatility across commercial real estate sectors as macroeconomic pressures continue to influence property performance nationwide.
“}]]
