2026 Special Servicing Rates

August 27, 2026

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Data from Trepp's latest report. Find out more.

The Trepp commercial mortgage-backed securities special servicing overall rate declined 11 basis points in July to 11.09 percent, partially reversing the increases of recent months.

The improvement was led by office, the largest special servicing category, along with lodging, whose rates fell 53 and 26 basis points to 16.58 percent and 8.63 percent, respectively. Industrial also edged down 3 basis points to 1.34 percent.

That progress outweighed a sharp increase in retail, where a heavy wave of regional-mall loans transferred into special servicing for maturity default, lifting the retail rate 33 basis points to 13.28 percent. Multifamily rose 16 basis points to 8.39 percent, and mixed-use edged up 2 basis points to 11.93 percent.

New transfers to special servicing totaled roughly $1.69 billion across 41 loans and were unusually concentrated in retail, which accounted for about $903.6 million. The flow was dominated by regional malls reaching their balloon maturities. Loans that cured, were modified and returned, or paid off were far smaller in aggregate, at roughly $326.4 million.

—Posted on August 27, 2026

The Trepp Commercial Mortgage-Backed Securities Special Servicing Rate increased by 34 basis points in June to 11.20 percent, reversing May’s decline.

The move was driven primarily by a heavy slate of large new transfers that outweighed loan resolutions and returns to the master servicer. New transfers totaled roughly $3.08 billion across 42 loans, led by a $975 million retail portfolio loan and a $430 million lodging loan, while cures and payoffs of about $1.16 billion across 15 loans were not enough to offset them.

Special servicing rates increased across four of the six major property types in June. Lodging posted the largest increase, rising 44 basis points to 8.89 percent, while office climbed 36 basis points to 17.11 percent, also led by several large transfers. Mixed-use rose 28 basis points to 11.90 percent, and industrial edged up 9 basis points to 1.37 percent. Multifamily posted the largest improvement, falling 27 basis points to 8.23 percent, aided by the large Yorkshire & Lexington Towers loan return, while retail edged down 5 basis points to 12.95 percent.

—Posted on July 28, 2026

The Trepp commercial mortgage-backed securities Special Servicing Rate decreased by 51 basis points in May to 10.86 percent.

This was driven primarily by the return of a massive office loan to the master servicer and denominator effects. While new transfers remained elevated, including several large office and retail loans, loan resolutions and returns to the master servicer, along with a larger overall outstanding CMBS balance, outweighed new transfers and pushed the overall rate lower month over month.

Special servicing rates declined for most property types in May. Office fell 91 basis points to
16.75 percent, mixed-use declined 59 basis points to 11.62 percent, while multifamily dropped 57 basis points to 8.51 precent. Lodging posted the largest improvement, falling 121 basis points to 8.45 percent. Meanwhile, industrial increased modestly by five basis points to 1.28 percent, and retail edged up one basis point to 13.00 percent.

—Posted on June 25, 2026

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 eight basis points, mixed‑use edged up two basis points, and 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 six basis points higher to 8.14 percent, and industrial was effectively flat with a one 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.

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

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