2025 CMBS Delinquency Rates
Trepp's monthly update. Read the report here.
The Trepp CMBS Delinquency Rate was up slightly in May 2025, with the overall rate increasing five basis points to 7.08 percent.
In May, the overall delinquent balance was $42.6 billion, up from $41.9 billion in April.
After reaching a four-year high in April, the overall rate rose again, despite four of the five main property types sustaining decreases to their respective rates. The Lodging rate saw the largest decline, dropping 146 basis points to 6.39 percent after four consecutive monthly increases that pushed the rate to a three-year high of 7.85 percent.
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The multifamily rate pulled back 46 basis points to 6.11 percent but is still 441 basis points higher than it was one year ago. Retail and industrial delinquency also retreated, but by smaller amounts.
Office and mixed-use drives growth
The two property types driving the overall increase were office and mixed-use. The office rate was up another 31 basis points to 10.59 percent in May. Although down from the all-time high of 11.01 percent reached last December, the office rate is still over 350 basis points higher than one year ago. On the other hand, nearly $2 billion worth of mixed-use loans became newly delinquent in May, lifted higher by a couple of big loans.
If we were to include loans that are beyond their maturity date but current on interest, the delinquency rate would be 8.64 percent, up 27 basis points from April.
The percentage of loans in the 30-days delinquent bucket is 0.49 percent, unchanged from April.
Our numbers assume defeased loans are still part of the denominator unless otherwise specified.
—Posted on June 30, 2025
The Trepp CMBS Delinquency Rate rose again in April 2025, with the overall rate increasing 38 basis points to 7.03 percent.
In April, the overall delinquent balance was $41.9 billion, up from $39.3 billion in March.
The overall rate has now cleared the 7 percent mark for the first time since January 2021. Two property types that experienced substantial increases were multifamily and lodging. In April 2025, the multifamily delinquency rate soared another 113 basis points to 6.57 percent. This follows March’s increase, which marked the highest reading since March 2015, when the rate stood at 8.28 percent. The spike was driven by over $1 billion in newly delinquent multifamily loans, while less than $200 million cured. The three largest multifamily loans to turn delinquent accounted for $831 million.
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The office sector experienced a significant jump, with office delinquency rising 52 basis points to 10.28 percent. The office rate had been decreasing for the past three months after hitting a record high of 11.01 percent in December 2024. The only property type to experience relief was retail, with that rate dropping 70 basis points to 7.12 percent. The less volatile industrial rate also declined, down 10 basis points to 0.50 percent.
If we were to include loans that are beyond their maturity date but current on interest, the delinquency rate would be 8.37 percent, unchanged from March. The percentage of loans in the 30 days delinquent bucket is 0.49 percent, up 16 basis points from March.
Our numbers assume defeased loans are still part of the denominator unless otherwise specified.
—Posted on May 28, 2025
The Trepp CMBS Delinquency Rate ticked back up in March 2025, with the overall delinquency rate increasing 35 basis points to 6.65 percent.
In March, the overall delinquent balance was $39.3 billion, up from $36.0 billion in February.
Prior to this month, the overall rate had fallen for two consecutive months; it is now back up near its four-year high. One driver of the increase was the multifamily sector, which is up 98 basis points in March to 5.44 percent. The multifamily rate has now climbed 360 basis points over the past year, from 1.84 percent to its current level – the highest the rate has been since December 2015, when it stood at 8.28 percent.
Another property type to experience material change was the lodging sector, with that rate jumping 76 basis points to 7.19 percent. Both the industrial and retail delinquency rates were up moderately, increasing 26 basis points and 33 basis points, respectively.
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The office sector experienced more relief, retreating two basis points to 9.76 percent; this is the third consecutive decline in the office rate. On the loan level, the largest newly delinquent loan was a massive multifamily portfolio loan with an outstanding balance just under $1 billion.
If we included loans that are beyond their maturity date but current on interest, the delinquency rate would be 8.37 percent, up 19 basis points from February.
The percentage of loans in the 30 days delinquent bucket is 0.33 percent, down six basis points from February.
Our numbers assume defeased loans are still part of the denominator unless otherwise specified.
—Posted on April 28, 2025
The Trepp CMBS Delinquency Rate decreased again in February 2025, with the overall rate decreasing 26 basis points to 6.30 percent.
This is the second consecutive month in which the overall delinquency rate decreased, following a stretch of six straight months of increases. The fall in the overall rate was driven again by the office sector, with its rate falling 45 basis points to 9.78 percent. This continues to be welcome relief for the sector, which reached an all-time high of 11.01 percent to end last year.
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Outside of the office sector, three of the remaining four major property types also experienced decreases to their respective delinquency rates, with the exception of lodging. Rate movements were relatively muted in February, with lodging’s 20-basis-point increase standing as the second-largest change. On the loan level, the largest note to become newly delinquent was a mixed-use single-asset, single-borrower loan with a current balance of $395 million.
If we included loans that are beyond their maturity date but current on interest, the delinquency rate would be 8.18 percent, down 11 basis points from January. The percentage of loans in the 30 days delinquent bucket is 0.39 percent, unchanged from the month prior.
Our numbers assume defeased loans are still part of the denominator unlessotherwise specified.
—Posted on March 27, 2025
The Trepp CMBS Delinquency retreated slightly in January 2025, with the overall delinquency rate decreasing 1 basis point to 6.56 percent.
This pullback follows six straight months of increases to the overall delinquency rate, during which the rate rose almost 120 basis points. The decrease in the overall rate was driven by the office sector, with the office rate falling 78 basis points to 10.23 percent. This was some welcome relief for the sector, which had reached an all time high to end last year.
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Outside of the office sector, the remaining four of five major property types all experienced increases to their respective delinquency rates. These increases were relatively tame however, with only the industrial rate increasing more than 10 basis points. On the loan level, the largest loan to become newly delinquent was a single-asset single-borrow office loan worth $525 million.
If we included loans that are beyond their maturity date but current on interest, the delinquency rate would be 8.29 percent, down 29 basis points from December. The percentage of loans in the 30 days delinquent bucket is 0.39 percent, up 13 basis points for the month.
Our numbers assume defeased loans are still part of the denominator unless otherwise specified.
—Posted on February 27, 2025
