{"id":1004748051,"date":"2026-01-27T01:14:00","date_gmt":"2026-01-27T09:14:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004748051"},"modified":"2026-02-17T09:12:06","modified_gmt":"2026-02-17T17:12:06","slug":"2025-cmbs-delinquency-rates","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/2025-cmbs-delinquency-rates\/","title":{"rendered":"2025 CMBS Delinquency Rates"},"content":{"rendered":"
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Source: Trepp<\/figcaption><\/figure><\/div>\n\n\n

The Trepp CMBS Delinquency Rate was back on the rise in December 2025, with the overall delinquency rate increasing 4 basis points to 7.30 percent.<\/p>\n\n\n\n

Three of the five major property types saw increases to their delinquency rates, while two pulled back. The largest rate increase once again was lodging, which rose 44 basis points to 6.61 percent. The second largest rate increase was again industrial, which ticked up by a relatively large 13 basis points in December to 0.80 percent, after adding three basis points the month prior.<\/p>\n\n\n\n

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READ ALSO:<\/strong> CRE Fundraising on the Rise as Investors Return<\/a><\/p>\n\n\n\n

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The retail rate increased by 18 basis points to 6.92 percent, still 90 basis points off of its recent peak in March 2025.<\/p>\n\n\n\n

The office rate saw the largest retreat, by 37 basis points to 11.31 percent, marking the second consecutive rate decline but ending this year ahead of the last three Decembers by margins of 30, 549, and 973 basis points, respectively. The multifamily delinquency rate also continued to decline, dropping 34 basis points to 6.64 percent.<\/p>\n\n\n\n

Newly delinquent loans by property type<\/h2>\n\n\n\n

December\u2019s balance of newly delinquent loans totaled just under $2.9 billion, while nearly $3 billion of loans cured over the same period, resulting in a net delinquency decrease of about $103 million.<\/p>\n\n\n\n

Retail was the largest contributor to net new delinquencies, adding roughly $179 million with $648 million in loans turning delinquent against $468 million returning to performing status. Mixed-use followed with a net increase of $145 million, driven by $290 million in new delinquencies and $145 million in cures.<\/p>\n\n\n\n

Lodging and industrial saw rate increases despite modest net delinquency increases, reflecting smaller outstanding balances. Retail\u2019 s rate rise aligns with its net delinquency increase proportionate to outstanding balance growth. Office posted the largest net new delinquency improvement<\/a> at $510 million and driving its rate decline, while multifamily\u2019s $195 million net delinquency decrease supports its rate drop as well.<\/p>\n\n\n\n

If we were to include loans that are beyond their maturity date but current on interest (delinquency status of performing matured balloon), the delinquency rate would be 8.75 percent, down 6 basis points from November.<\/p>\n\n\n\n

The percentage of loan balance in the 30 days delinquent bucket is 0.30 percent, up 4 basis points from November.<\/p>\n\n\n\n

Our figures assume that defeased loans remain in the denominator unless otherwise specified.<\/p>\n\n\n\n

\u2014Posted on Jan. 27, 2026<\/p>\n\n\n\n

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Source: Trepp<\/figcaption><\/figure><\/div>\n\n\n

The Trepp CMBS Delinquency Rate decreased 20 basis points in November to 7.26 percent, after climbing 23 basis points in October.<\/p>\n\n\n\n

The overall rate has decreased only three other times in 2025 so far, in January, February, and September. In November, the overall delinquent balance decreased $760 million to $43.8 billion, while the outstanding balance increased $5.8 billion to $603.9 billion, both of which contributed to the decline in the overall delinquency rate.<\/p>\n\n\n\n

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READ ALSO:<\/strong> ICSC Special Report: Upbeat Buzz About Retail, Plus Some Caveats<\/a><\/p>\n\n\n\n

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Two of the five major property types saw increases in their delinquency rates, while three pulled back. The largest rate increase was in lodging, which rose 10 basis points to 6.17 percent. The second-largest rate increase was industrial, which ticked up by a slight three basis points in November to a still low 0.67 percent, after adding eight basis points in October.<\/p>\n\n\n\n

The retail rate saw the largest retreat of 15 basis points to 6.74 percent, while multifamily dropped back below the 7 percent threshold with a 14-basis-point decline to 6.98 percent, and the office rate pulled back eight basis points from its all-time high to 11.68 percent in November.<\/p>\n\n\n\n

Newly delinquent loans<\/h2>\n\n\n\n

November\u2019s balance of newly delinquent loans totaled just shy of $3.0 billion, while about $3.1 billion of loans cured over the same period. The main contributor to the newly delinquent balance was the retail sector\u2019s $247 million net new delinquencies, with over $445 million in loans turning delinquent against about $198 million returning to performing status.<\/p>\n\n\n\n

The net increase in delinquent balance for lodging was over $170 million, with $460 million in new delinquencies against $290 million in new cures; office\u2019s net new delinquent balance was $88 million, multifamily\u2019s was $45 million, industrial\u2019s was $20 million. Property types that saw a decrease in their overall delinquency rate but a net increase in newly delinquent balance over cures, such as retail, multifamily, and office, also experienced an increase in the overall outstanding loan balance.<\/p>\n\n\n\n

If we were to include loans beyond their maturity date but current on interest (delinquency status of performing, matured balloon), the delinquency rate would be 8.81 percent, down 11 basis points from October.<\/p>\n\n\n\n

The percentage of loan balance in the 30-day delinquent bucket is 0.26 percent, down 21 basis points from October.<\/p>\n\n\n\n

Our figures assume that defeased loans remain in the denominator unless otherwise specified.<\/p>\n\n\n\n

\u2014Posted on Dec. 26, 2025<\/p>\n\n\n\n

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Source: Trepp<\/figcaption><\/figure><\/div>\n\n\n

The Trepp CMBS Delinquency Rate resumed its climb in October 2025, jumping 23 basis points to 7.46 percent.<\/p>\n\n\n\n

In October, the overall delinquent balance rose $1.1 billion to $44.6 billion, and the outstanding balance decreased $3.2 billion to $598.1 billion, both of which contributed to the surge in the overall delinquency rate.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Are You Ready for the Refi Rumble?<\/a><\/p>\n\n\n\n

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All five of the major property types saw increases in their respective delinquency rates. The largest rate increase was seen in the office sector, which soared 63 basis points in October to set a new all-time high of 11.76 percent, after retreating by more than 50 basis points the month prior. Earlier this year, the office delinquency rate hit new record highs of 11.08 percent in June and 11.66 percent in August, both now eclipsed by October\u2019s new peak.<\/p>\n\n\n\n

The second-largest rate increase was in multifamily, which rose 53 basis points to 7.12 percent, and topped the 7 percent threshold for the first time in nearly 10 years (December 2015). The lodging rate also rose 26 basis points to 6.07 percent, while retail and industrial experienced more modest increases to their rates, up 13 basis points and eight basis points, respectively.<\/p>\n\n\n\n

Newly delinquent loans, by property type<\/h2>\n\n\n\n

October\u2019s balance of newly delinquent loans totaled north of $4.0 billion, while $2.6 billion of loans cured over the same period. The main contributor to the newly delinquent balance was the office sector<\/a>, with more than $1.7 billion in loans turning delinquent, against about $760 million worth returning to performing status. The net increase in delinquent balance for multifamily was more than $300 million, with $530 million in new delinquencies against $220 million in new cures. Outside of those two, no other sector had a net delinquent balance greater than $30 million in either direction.<\/p>\n\n\n\n

If we were to include loans that are beyond their maturity date but current on interest (delinquency status of performing matured balloon), the delinquency rate would be 8.92 percent, down 56 basis points from September.<\/p>\n\n\n\n

The percentage of loan balance in the 30-days delinquent bucket is 0.47 percent, down 1 basis point from September.<\/p>\n\n\n\n

Our figures assume defeased loans are still part of the denominator unless otherwise specified.<\/p>\n\n\n\n

\u2014Posted on November 24, 2025<\/p>\n\n\n\n

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Source: Trepp<\/figcaption><\/figure><\/div>\n\n\n

The Trepp CMBS Delinquency Rate decreased for the first time since February in September 2025, falling 6 basis points to 7.23 percent.<\/p>\n\n\n\n

In September, the overall delinquent balance was $43.5 billion, and the outstanding balance was $601.3 billion. These are both down from $44.1 billion and $604.6 billion, respectively, in August.<\/p>\n\n\n\n

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READ ALSO:<\/strong> CREtech Special Report: 5 Takeaways From Day 1<\/a><\/p>\n\n\n\n

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Breaking it down by property type, every sector but one saw a delinquency rate retreat in September. The lone sector to see an increase in rate was retail, which rose 34 basis points to 6.76 percent following back-to-back months of declines.<\/p>\n\n\n\n

In order of magnitude, sectors whose delinquency rates decreased month-over-month include lodging, which fell 73 basis points from 6.54 percent to 5.81 percent, its lowest rate since March 2024 when it was at 5.45 percent, followed by office, whose new rate of 11.13 percent, a 53 basis point drop from 11.66 percent, would still have been an all-time high prior to last month. <\/p>\n\n\n\n

The multifamily delinquency rate pulled back 27 basis points from 6.86 percent to 6.59 percent, still nearly double its rate one year ago (3.33 percent in September 2024), and finally, industrial\u2019s delinquency rate decreased by 4 basis points from 0.60 percent to 0.56 percent.<\/p>\n\n\n\n

Newly delinquent loan volume declines<\/h2>\n\n\n\n

When breaking down delinquent volumes, the drivers behind this month\u2019s decline in rate were evident on the loan level as well. In September, about $3.7 billion of overall loans became newly delinquent, whereas over $3.9 billion worth of loans cured. The biggest net contribution to this was the office sector, whose $2.1 billion in cured loans far outweighed its $1.3 billion in newly delinquent loans. Lodging also had a net decrease in delinquent balance, with over $800 million in cured balance against $200 million in newly delinquent.<\/p>\n\n\n\n

Conversely, the mixed use and retail sectors<\/a> saw increases in delinquent balance net of cures, with a nearly $1 billion increase of mixed-use net delinquency in September, and $500 million in retail.<\/p>\n\n\n\n

If we were to include loans that are beyond their maturity date but current on interest (delinquency status of performing matured balloon), the delinquency rate would be 9.48 percent, up 17 basis points from August.<\/p>\n\n\n\n

The percentage of loan balance in the 30 days delinquent bucket is 0.48 percent, up 7 basis points from August.<\/p>\n\n\n\n

Our figures assume defeased loans are still part of the denominator unless otherwise specified.<\/p>\n\n\n\n

\u2014Posted on October 28, 2025<\/p>\n\n\n\n

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\"A\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Source: Trepp<\/figcaption><\/figure><\/div>\n\n\n

The Trepp CMBS Delinquency Rate increased for the sixth consecutive month in August 2025, rising six basis points to 7.29 percent.<\/p>\n\n\n\n

In August, the overall delinquent balance was $44.1 billion, and the outstanding balance was $604.6 billion; these are both up from $43.3 billion and $598.9 billion in July, respectively.<\/p>\n\n\n\n

Breaking it down by property type, three main sectors experienced substantial rate movement. Multifamily and office rates both surged, with the former up 71 basis points to a nine-year high of 6.86 percent, and the latter climbing 62 basis points to yet another all-time high of 11.66 percent. The retail delinquency rate dropped 48 basis points to 6.42 percent, receding to its lowest level in the past year.<\/p>\n\n\n\n

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READ ALSO<\/strong>: CPE Midyear Outlook: Is It Only About Uncertainty?<\/a><\/p>\n\n\n\n

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Loan-level statistics for August mirrored last month\u2019s, which saw a substantial volume of newly delinquent loans as well as cures. Newly delinquent loan balances amounted to over $4.8 billion in August, while cured loans totaled $3.8 billion.<\/p>\n\n\n\n

The office sector contributed the most among property types to the net increase in delinquency, with newly delinquent loans totaling $2.5 billion against $1.3 billion of cures. In contrast, the retail sector saw $300 million in newly delinquent loans but over $700 million in cured volume.<\/p>\n\n\n\n

If we were to include loans that are beyond their maturity date but current on interest (delinquency status of performing matured balloon), the delinquency rate would be 9.31 percent, down 5 basis points from July.<\/p>\n\n\n\n

The percentage of loan balance in the 30 days delinquent bucket is 0.41 percent, up 11 basis points from July.<\/p>\n\n\n\n

Our figures assume defeased loans are still part of the denominator unless otherwise specified.<\/p>\n\n\n\n

\u2014Posted on September 24, 2025<\/p>\n\n\n\n

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Source: Trepp<\/figcaption><\/figure><\/div>\n\n\n

In July, the overall delinquent balance was $43.3 billion, and the outstanding balance was $598.9
billion; both up from $42.3 billion and $593.4 billion, respectively, in June.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Commercial\/Multifamily Borrowing Increased 66 Percent in Q2<\/a><\/p>\n\n\n\n

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Across property types, rate movement was rather limited, with none of the five major property types moving higher or lower by more than 25 basis points. The multifamily rate was the only one to increase, rising 24 basis points to 6.15 percent. Both lodging and retail experienced modest declines, with lodging down 22 basis points to 6.59 percent and the retail rate receding 16 basis points to 6.90 percent. Though only retreating 4 basis points to 11.04 percent, the decline was a small sigh of relief for the office rate, which had reached an all-time high of 11.08 percent one month ago.<\/p>\n\n\n\n

Newly delinquent loans<\/h2>\n\n\n\n

When analyzing the data at the loan level, however, the volume of newly delinquent loans totaled north of $4.4 billion in July, far outpacing the volume of loans to cure, or move out of the delinquency bucket, over the same period, which was about $3.0 billion. The mixed-use, retail, and office sectors all had more than $800 million worth of loans turn newly delinquent in July, each at least $150 million higher than their respective balance of cures.<\/p>\n\n\n\n

In July, the balance of the top 10 newly delinquent loans totaled more than $2.1 billion, representing about 50 percent of the monthly overall balance. In total, there were 129 loans that became newly delinquent in June.<\/p>\n\n\n\n

If we were to include loans that are beyond their maturity date but current on interest, the delinquency rate would be 9.36 percent, up 65 basis points from June.<\/p>\n\n\n\n

The percentage of loans in the 30 days delinquent bucket is 0.30 percent, up 2 basis points from June.<\/p>\n\n\n\n

Our figures assume defeased loans are still part of the denominator unless otherwise specified.<\/p>\n\n\n\n

\u2014Posted on August 26, 2025<\/p>\n\n\n\n

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Source: Trepp<\/figcaption><\/figure><\/div>\n\n\n

The Trepp CMBS Delinquency rose once more in June 2025, with the delinquent portion of the outstanding balance increasing 5 basis points to 7.13 percent.<\/p>\n\n\n\n

In June, the overall delinquent balance was $42.3 billion, down from $42.6 billion in May, and the outstanding balance was $593.4 billion, down from $601.6 billion in May.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Return-to-Office Rebounds<\/a><\/p>\n\n\n\n

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In May, four of the five main property type delinquency rates decreased, but the opposite happened in June. The delinquency rates for four of the five rose, with only the multifamily rate pulling back, by 20 basis points.<\/p>\n\n\n\n

The sector that had the highest rate increase was the office sector, climbing 49 basis points to 11.08 percent and reaching another record high, surpassing its previous peaks of 11.01 percent in December 2024, and 10.70 percent in July 2012.<\/p>\n\n\n\n

Lodging delinquency has been quite volatile in recent months, rising 42 basis points to 6.81 percent in June after shedding nearly 150 basis points in May.<\/p>\n\n\n\n

Office and mixed-use drive growth<\/h2>\n\n\n\n

In June, the main contributor to the rise in the headline rate was the reduction in the overall balance, with the overall delinquent balance minimally changed. At the loan level, $4.2 billion in loans cured while $4.1 billion became newly delinquent, which resulted in a net improvement of $0.1 billion. However, this overall stability masked some sector-level differences in office and mixed-use. <\/p>\n\n\n\n

The office sector saw a net deterioration of $0.8 billion, as $1.8 billion in loans went delinquent while only $1.0 billion cured. Conversely, mixed-use showed a net improvement of $1.1 billion, as$1.6 billion in loans cured compared to just $500 million becoming delinquent.<\/p>\n\n\n\n

If we were to include loans that are beyond their maturity date but current on interest, the delinquency rate would be 8.71 percent, up 7 basis points from May.<\/p>\n\n\n\n

The percentage of loans that are 30 days delinquent is 0.28 percent, down 21 basis points from May.<\/p>\n\n\n\n

Our numbers assume defeased loans are still part of the denominator unless otherwise specified.<\/p>\n\n\n\n

\u2014Posted on July 24, 2025<\/p>\n\n\n\n

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\"A\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Source: Trepp<\/figcaption><\/figure><\/div>\n\n\n

The Trepp CMBS Delinquency Rate was up slightly in May 2025, with the overall rate increasing five basis points to 7.08 percent.<\/p>\n\n\n\n

In May, the overall delinquent balance was $42.6 billion, up from $41.9 billion in April.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Office and mixed-use drive growth<\/h2>\n\n\n\n

The two property types driving the overall increase were office<\/a> 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The percentage of loans in the 30-days delinquent bucket is 0.49 percent, unchanged from April.<\/p>\n\n\n\n

Our numbers assume defeased loans are still part of the denominator unless otherwise specified.<\/p>\n\n\n\n

\u2014Posted on June 30, 2025<\/p>\n\n\n\n

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Source: Trepp<\/figcaption><\/figure><\/div>\n\n\n

The Trepp CMBS Delinquency Rate rose again in April 2025, with the overall rate increasing 38 basis points to 7.03 percent.<\/p>\n\n\n\n

In April, the overall delinquent balance was $41.9 billion, up from $39.3 billion in March.<\/p>\n\n\n\n

The office sector<\/a> 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Our numbers assume defeased loans are still part of the denominator, unless otherwise specified.<\/p>\n\n\n\n

\u2014Posted on May 28, 2025<\/p>\n\n\n\n

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Source: Trepp<\/figcaption><\/figure><\/div>\n\n\n

The Trepp CMBS Delinquency Rate ticked back up in March, with the overall delinquency rate increasing 35 basis points to 6.65 percent.<\/p>\n\n\n\n

In March, the overall delinquent balance was $39.3 billion, up from $36.0 billion in February.<\/p>\n\n\n\n

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\u2014the highest the rate has been since December 2015, when it stood at 8.28 percent.<\/p>\n\n\n\n

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<\/a> and retail delinquency rates were up moderately, increasing 26 basis points and 33 basis points, respectively.<\/p>\n\n\n\n

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READ ALSO:<\/strong> NYU REIT Symposium Special Report: 6 Takeaways<\/a><\/p>\n\n\n\n

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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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The percentage of loans in the 30 days delinquent bucket is 0.33 percent, down six basis points from February.<\/p>\n\n\n\n

Our numbers assume defeased loans are still part of the denominator unless otherwise specified.<\/p>\n\n\n\n

\u2014Posted on April 28, 2025<\/p>\n\n\n\n

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\"CMBS<\/a>
Source: Trepp<\/figcaption><\/figure><\/div>\n\n\n

The Trepp CMBS Delinquency Rate decreased again in February 2025, with the overall rate falling 26 basis points to 6.30 percent.<\/p>\n\n\n\n

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 delinquent at the end of last year.<\/p>\n\n\n\n

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READ ALSO: <\/strong>Potential Federal Building Sale Adds Uncertainty to Office Sector<\/a><\/p>\n\n\n\n

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Outside of the office sector, three of the remaining four major property types also experienced decreases to their delinquency rates, with the exception of lodging. Rate movements were relatively muted in February, with lodging\u2019s 20-basis-point increase standing as the second-largest change. On the loan level, the largest loan to become newly delinquent was a mixed-use single-asset, single-borrower loan with a current balance of $395 million.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Our numbers assume defeased loans are still part of the denominator unlessotherwise specified.<\/p>\n\n\n\n

\u2014Posted on March 27, 2025<\/p>\n\n\n\n

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\"CMBS<\/a>
Source: Trepp<\/figcaption><\/figure><\/div>\n\n\n

The Trepp CMBS Delinquency retreated slightly in January 2025, with the overall delinquency rate decreasing 1 basis point to 6.56 percent.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Best Capital Stack Strategies for 2025<\/a><\/p>\n\n\n\n

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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.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Our numbers assume defeased loans are still part of the denominator unless otherwise specified.<\/p>\n\n\n\n

\u2014Posted on February 27, 2025<\/p>\n","protected":false},"excerpt":{"rendered":"

Trepp’s monthly update.<\/p>\n","protected":false},"author":3671,"featured_media":1004784792,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37753,21748,23891,21742,21747,37749],"tags":[35305],"class_list":["post-1004748051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research-center-finance","category-industrial","category-national","category-latest","category-office","category-research-center-cpe","tag-trepp-inc"],"acf":[],"yoast_head":"\n2025 CMBS Delinquency Rates - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The Trepp CMBS Delinquency Rate decreased 20 basis points in November to 7.26 percent, after climbing 23 basis points in October.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/2025-cmbs-delinquency-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2025 CMBS Delinquency Rates\" \/>\n<meta property=\"og:description\" content=\"The Trepp CMBS Delinquency Rate decreased 20 basis points in November to 7.26 percent, after climbing 23 basis points in October.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/2025-cmbs-delinquency-rates\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-27T09:14:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-17T17:12:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/0226_CPE_CMBS_DQ.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emily Yue\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/2025-cmbs-delinquency-rates\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/2025-cmbs-delinquency-rates\/\",\"name\":\"2025 CMBS Delinquency Rates - 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