The Trepp CMBS Delinquency Rate rose slightly in May 2025, rising five basis points from the previous month. The marginal increase from April, which already represented a four-year high, occurred despite four of the five main property types seeing decreases in their respective rates.
The two property types driving the overall increase were office and mixed-use, Trepp reported. The
office CMBS delinquency rate was up another 31 bps to 10.59% in May. Although down from the all-time high of 11.01% reached in December 2024, the office rate is still more than 350 bps higher than a year ago. Nearly $2 billion worth of mixed-use loans became newly delinquent in May, lifted higher by a couple of large loans.
Lodging delinquencies saw the largest monthly decline, dropping 146 bps to 6.39% after four
consecutive monthly increases that pushed the rate to a three-year high of 7.85%. Multifamily delinquency ebbed by 46 bps to 6.11% but is still up 441 bps year-over-year. Second-ranked retail and last-place industrial delinquency also retreated, but by smaller amounts.
The post Office, Mixed-Use CMBS Delinquencies Increase in May as Other Property Types Decline appeared first on Connect CRE.
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