The Trepp CMBS Special Servicing overall rate increased by 27 basis points in March 2026 to 11.00%, driven mainly by six large office loans. The loans outweighed several sizable cures, pushing the overall rate higher month over month, according to Trepp. Overall, new transfers to special servicing in March totaled approximately $2.87 billion across 42 loans.
March saw mixed movements across property types. Office rose 44 bps for a special servicing rate of 16.73% and multifamily increased 45 bps, while industrial ticked up 18 bps. Meanwhile, lodging declined 43 bps, mixed‑use fell 30 bps, and retail edged down nine bps.Â
Looking at the volume of loans transferring, office led activity by a wide margin, accounting for more than half of total new transfers, Trepp reported. Mixed‑use followed, driven by a single large portfolio transfer, while multifamily, retail, lodging and industrial made up the remainder.
Pictured: A $536-million loan backed by Aon Center in Chicago transferred to special servicing in March.
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