CMBS Delinquency Rate Jumps in March After Two Consecutive Declines

The Trepp CMBS Delinquency Rate ticked back up in March 2025 with the overall delinquency rate increasing 35 basis points to 6.65%, and the overall delinquent balance increasing from $36.0 billion in February to $39.3 billion in March. Prior to March, the overall rate had fallen for two consecutive months but is now back up near its four-year high.  

One driver of the increase was the multifamily sector, where delinquencies rose 98 bps in March to 5.44%. The multifamily rate has now climbed 360 bps over the past year to the highest the rate has been since December 2015, when it stood at 8.28%.

Another property type to experience material change was the lodging sector, with that rate jumping 76 bps to 7.19%. Both the industrial and retail delinquency rates rose moderately, increasing 26 and 33 bps, respectively. Conversely, office retreated two bps to 9.76%; this is the third consecutive decline in the office rate, according to Trepp.

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