Delinquency rates for mortgages backed by commercial properties increased during the first quarter of 2026. That’s according to the Mortgage Bankers Association’s (MBA) latest commercial real estate finance (CREF) Loan Performance Survey.
The share of loans in delinquency increased for some property types, particularly office, lodging, retail and multifamily, but decreased for industrial. Among capital sources, CMBS loan delinquency rates saw the highest levels at 5.21%.
“Commercial mortgage delinquency rates increased to 4.02% in Q1 2026 compared to 3.86% in the previous quarter,” said Judie Ricks, MBA’s associate VP of commercial real estate research. “The data show a gradual but persistent increase in delinquency rates in the overall market. In the most recent quarter, there were increases in short-term delinquency for all property types, except industrial, with some of the largest increases coming from multifamily, office, and healthcare properties.”
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