2026 Special Servicing Rates
Data from Trepp's latest report.
The Trepp CMBS Special Servicing Rate increased by 38 basis points in April to 11.38 percent.
The rate climb was driven primarily by a heavy concentration of new office loan transfers. The influx of those office loans outweighed the return of several large office, retail and mixed-use loans from special servicing, pushing the overall rate higher month over month.
Special servicing rates rose across all but one property type in April. Office rose 93 basis points and multifamily rose 33 basis points, while industrial ticked up 20 basis points. Meanwhile, lodging increased 8 basis points, mixed‑use edged up 2 basis points, while retail was unchanged.
—Posted on May 26, 2026
The Trepp CMBS Special Servicing Rate increased by 27 basis points in March to 11 percent.
The rate climb was driven mainly by six large office loans. Those office loans outweighed several sizable cures, pushing the overall rate higher month-over-month.
March saw mixed movements across property types. Office rose 44 basis points and multifamily increased 45 basis points, while industrial ticked up 18 basis points. Meanwhile, lodging declined 43 basis points, mixed‑use fell 30 basis points and retail edged down 9 basis points.
—Posted on April 23, 2026
The Trepp CMBS Special Servicing Rate declined modestly by 18 basis points in February to 10.7 percent.
The decline was driven by seven office and three mixed-use loans transferring out of special servicing, though this was nearly offset by a large retail loan’s transfer in.
February saw large and mixed movements across property types. The mixed‑use rate decreased 118 basis points to 12.49 percent, and office declined 82 basis points to 16.29 percent, while industrial remained unchanged at 0.85 percent. Meanwhile, the retail rate increased 133 basis points to 13.09, led by one loan that represented 120 basis points of that rise. The lodging rate rose 64 basis points to 10.01 percent, and multifamily edged up 16 basis points to 8.30 percent.
—Posted on March 24, 2026
The Trepp CMBS Special Servicing Rate increased 20 basis points in January to 10.91 percent, led by several new transfers in the office sector.
January saw uneven shifts across property types. Month-over-month, office recorded the largest increase, rising 47 basis points to 17.11 percent. Multifamily moved 6 basis points higher to 8.14 percent, and industrial was effectively flat with a 1 basis point uptick to 0.85 percent.
In contrast, mixed‑use declined by 30 basis points to 13.67 percent and retail fell 23 basis points to 11.76 percent, while lodging retreated 11 basis points to 9.37 percent.
READ ALSO: 2026 Employment Update
New transfers to special servicing totaled approximately $2.3 billion across 38 loans in January 2026, with office driving the majority of volume. Office accounted for $1.33 billion across nine loans, representing nearly 59 percent of the monthly total. Retail followed with $513 million across nine loans, or roughly 23 percent.
Mixed-use contributed $139 million across two loans, while lodging added $108 million across
five loans. Multifamily registered $100 million across nine loans, and other property types
combined for $79 million across four loans.
—Posted on Feb. 25, 2026
