{"id":1004748054,"date":"2026-01-28T01:35:00","date_gmt":"2026-01-28T09:35:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004748054"},"modified":"2026-02-17T14:23:09","modified_gmt":"2026-02-17T22:23:09","slug":"2025-special-servicing-rates","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/2025-special-servicing-rates\/","title":{"rendered":"2025 Special Servicing Rates"},"content":{"rendered":"
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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 Special Servicing rate decreased 15 basis points in December to 10.71 percent, led by declines in the office and lodging rates.<\/p>\n\n\n\n

However, performance varied by property type. The rate for lodging, office and multifamily declined 54, 52 and 7 basis points, respectively. In contrast, mixed-use, retail and industrial moved higher by 60, 42 and 10 basis points.<\/p>\n\n\n\n

The balance of new loans transferred to special servicing in December totaled about $1.9 billion across 49 loans. Retail led December transfers with $884 million across 18 loans, representing nearly 48 percent of the monthly total. Mixed-use followed with $429 million across three loans, or 23 percent. <\/p>\n\n\n\n

Office accounted for $277 million across 13 loans, about 15 percent, while multifamily contributed $68 million across six loans. Industrial added $67 million across three loans, while lodging was minimal at $17 million across two loans. Other property types combined for roughly $115 million across four loans.<\/p>\n\n\n\n

\u2014Posted on Jan. 28, 2026<\/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 Special Servicing Rate rose to another 12-year record high in November, climbing two basis points to hit 10.86 percent.<\/p>\n\n\n\n

Even though the overall rate increased, the balance of loans in special servicing actually fell by more than $45 million to $64.6 billion. The rate still rose because the total CMBS loan universe shrank as a result of maturities and payoffs, declining by a proportionally larger $1.7 billion.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Fed Cuts Rates Yet Again<\/a><\/p>\n\n\n\n

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Breaking it down by property type, only one sector saw its special servicing rate increase, while four declined and one remained unchanged. The industrial rate rose by nine basis points to 0.74 percent after holding steady last month. The lodging rate posted the largest decline, falling 60 basis points to 10.01 percent. Multifamily followed, declining 17 basis points to 8.15 percent. <\/p>\n\n\n\n

The office rate slipped 14 basis points from its all-time high of 17.30 percent to a still elevated 17.16 percent. Mixed-use ticked down three basis points to 13.37 percent, and retail held at 11.57 percent.<\/p>\n\n\n\n

\u2014Posted on December 29, 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 Special Servicing Rate rose to another record in October, climbing 19 basis points to hit 10.84 percent.<\/p>\n\n\n\n

This month, the increase in the overall rate was due to a nearly $1 billion increase in the balance of loans in special servicing ($64.7 billion), and a decrease of $2.1 billion in the overall balance.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Balancing Act: 1031 Exchanges and Interest Rates<\/a><\/p>\n\n\n\n

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Breaking it down by property type, the respective rates for a few sectors stood out. Up by the largest margin, with a 145-basis-point jump, was the mixed-use<\/a> rate, reaching a 12-year high of 13.40 percent. This followed a 130-basis-point increase last month. The lodging rate also rose 70 basis points to 10.61 percent, its highest level since March 2022.<\/p>\n\n\n\n

Lastly, the office rate jumped 39 basis points to another record of 17.30 percent, clearing 17 percent for the first time on record. The only sector to experience a drop in its special servicing rate was retail, which retreated 37 basis points to 11.57 percent. The multifamily rate decreased slightly from 8.2 percent to 8.32 percent and the industrial rate remained flat in October.<\/p>\n\n\n\n

\u2014Posted on November 25, 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 Special Servicing Rate rose 36 basis points in September to reach 10.65 percent, marking the highest level since May 2013 when the overall rate was 10.67 percent.<\/p>\n\n\n\n

This follows two consecutive monthly declines. Last month, the balance of loans in special servicing rose more than $3 billion to $63.8 billion.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Can Policymakers Outrun Tariff Turbulence?<\/a><\/p>\n\n\n\n

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Across the major property types, all but one increased in September. The special servicing rate for loans
backed by mixed-use properties saw the largest increase, surging 130 basis points to 11.95 percent, after receding 157 basis points in August.<\/p>\n\n\n\n

The rates for lodging and retail also increased significantly: lodging climbed 81 basis points to 9.9 percent, and retail increased 45 basis points to 11.94 percent and matched a nearly three-year high. The special servicing rates for office, industrial, and property loans marked as \u2018other\u2019 increased by no more than three basis points. The multifamily rate was the only one to decrease, down 41 basis points to 8.20 percent in September.<\/p>\n\n\n\n

\u2014Posted on October 29, 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 Special Servicing rate receded moderately in August, falling another
19 basis points to 10.29 percent.<\/p>\n\n\n\n

This was the second consecutive monthly decrease, after the rate peaked at an all-time high in June. The main cause for the decrease in the headline rate was the overall balance of loans outstanding falling nearly $14 billion from $597.0 billion to $583.0 billion from July to August.<\/p>\n\n\n\n

This was the second consecutive monthly decrease, after the rate peaked at an all-time high in June. The main cause for the decrease in the headline rate was the overall balance of loans outstanding falling nearly $14 billion from $597.0 billion to $583.0 billion from July to August.<\/p>\n\n\n\n

On the other hand, the only material increase was sustained by office, with the office rate climbing 70 basis points to another record high of 16.90 percent.<\/p>\n\n\n\n

\u2014Posted on September 23, 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

After peaking at a 12-year high in June, the Trepp CMBS Special Servicing rate receded slightly in July, decreasing 9 basis points to 10.48 percent.<\/p>\n\n\n\n

This decrease broke a streak of three consecutive monthly rate increases, although the rate still remains
elevated compared to historical norms. The balance of loans in special servicing was little changed compared to June, but the overall balance of CMBS loans outstanding rose about $5 billion to $597.0 billion in July.<\/p>\n\n\n\n

Breaking down movements by property type, the individual rates for four of the five major property types
declined in July, continuing a recent trend. The rate drops were relatively small, with retail\u2019s 29-basis-point
retreat the largest of the bunch.<\/p>\n\n\n\n

\u2014Posted on August 26, 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 Special Servicing Rate jumped 27 basis points to 10.57 percent in June, reaching its highest level since May 2013 when the rate was 10.67 percent.<\/p>\n\n\n\n

This was the third consecutive monthly increase, and the rate is up nearly 225 basis points in the last year. The balance of loans in special servicing rose by $750 million over the past month, while the overall balance of CMBS loans outstanding fell by about $8.2 billion.<\/p>\n\n\n\n

Across the different property types, the office special servicing rate rose the most, climbing 62 basis points to a record high of 16.38 percent. The retail rate rose 41 basis points to 11.94 percent, reaching its highest level since January 2022. After cooling by 64 basis points in May, the lodging rate was back up 54 basis points to 10.11 percent in June.<\/p>\n\n\n\n

\u2014Posted on July 25, 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 Special Servicing Rate rose for the second consecutive month in May, up 13
basis points to 10.30 percent.<\/p>\n\n\n\n

In 2025, year-to-date, the rate has risen 41 basis points and since the beginning of 2024, the rate has risen more than 350 basis points. In May, the balance of loans in special servicing rose by $1.3 billion, while the overall balance of CMBS loans outstanding climbed more than $5.6 billion as well.<\/p>\n\n\n\n

When looking into property type specifics, four sectors were minimally changed, with monthly movements of five basis points or less. Only two property types saw substantial changes to their respective rates: lodging and office.<\/p>\n\n\n\n

The lodging rate experienced some relief, receding 64 basis points to 9.57 percent, after spiking to a three-year high the month prior. On the flip side, the office rate surged another 86 basis points in May to 15.76 percent, pulling the overall rate higher along with it. Just one year ago, the office rate was over 500 basis points lower at 10.52 percent.<\/p>\n\n\n\n

\u2014Posted on June 30, 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

Trepp CMBS Special Servicing Rate was back on the rise in April, up by a modest 6 basis points to 10.17 percent.<\/p>\n\n\n\n

One year ago, the overall rate sat at 8.11 percent, and in April 2023, the rate was 5.62 percent. Though the balance of loans in special servicing increased by $800 million last month, the overall balance of CMBS loans outstanding also rose by $4.2 billion.<\/p>\n\n\n\n

Breaking it down by property type, there was a substantial discrepancy across different sectors. Once again, it was the lodging rate that had the highest increase in April, jumping 126 basis points to 10.21 percent. This followed the sector\u2019s 64-basis-point jump the month prior, bringing the lodging rate above 10.00 percent for the first time in three years.<\/p>\n\n\n\n

Two other sectors that advanced month-over-month, albeit by smaller margins, were multifamily and retail, by about 30 basis points each. At the other end of the spectrum, office experienced more relief in April, with its rate dropping another 68 basis points to 14.91 percent, after peaking north of 16.00 percent two months prior.<\/p>\n\n\n\n

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

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

The Trepp CMBS Special Servicing Rate retreated 21 basis points in March 2025 to 10.11 percent, after surging 45 basis points the month prior.<\/p>\n\n\n\n

The reduction in the overall special servicing rate was mostly mirrored across property types, with four of the five main property types experiencing decreases in their respective rates. Most notably, the office rate shed 61 basis points down to 15.58 percent following its peak of 16.19 percent in February \u2013 the highest level in over 25 years.<\/p>\n\n\n\n

A large driver of the drop in March was the balance of overall CMBS loans outstanding, climbing nearly $10 billion, from $580.4 billion in February to $590.3 billion in March. Additionally, the net balance of loans in special servicing retreated very slightly (new transfers minus loans that returned to the master servicer or were paid off), causing the resulting ratio to recede.<\/p>\n\n\n\n

The multifamily rate shed 20 basis points to reach 8.31 percent, while the retail and industrial rates both inched back by negligible amounts. Conversely, the lodging rate soared in March, jumping 64 basis points to 8.95 percent, marking a nearly three-year high.<\/p>\n\n\n\n

\u2014Posted on April 25, 2025<\/p>\n\n\n\n

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

The Trepp CMBS Special Servicing Rate rose 45 basis points in February 2025 to 10.32 percent. This jump followed the rate\u2019s slight decline in January, which was its first drop in over a year.<\/p>\n\n\n\n

The big increase to the overall rate in February was caused by two main factors: first, the net balance of loans in special servicing increased by $1.8 billion (new transfers less loans which returned to the master servicer), and the overall balance of loans outstanding fell by $8.8 billion.<\/p>\n\n\n\n

Thus, a comparatively larger numerator divided by a comparatively smaller denominator led to the substantial jump in the monthly rate. <\/p>\n\n\n\n

Breakdown by sector<\/h2>\n\n\n\n

With respect to property types, there were two that contributed most heavily to the increase in the overall rate: first, the retail rate climbed 59 basis points to 11.26 percent after shedding 100 basis points the month prior; second, the office rate soared 108 basis points to 16.19 percent, marking yet another 25+ year high.<\/p>\n\n\n\n

Additionally, the mixed-use rate rose 33 basis points to 13.04 percent, clearing the 13% mark for the first time since early 2013. Outside of those three, none of the remaining property types were changed by more than 15 basis points in either direction.<\/p>\n\n\n\n

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

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

The Trepp CMBS Special Servicing Rate pulled back 2 basis points to 9.87 percent in January 2025. This was the first decline in the monthly rate since December 2023.<\/p>\n\n\n\n

The main driver of the rate\u2019s decrease was the increased overall balance of all CMBS loans outstanding. Compared to last month, the balance of loans in special servicing rose by $843.0 million, but the balance of all outstanding CMBS loans also increased by $9.5 billion.<\/p>\n\n\n\n

Broken down by property type, two sectors experienced substantial changes to their individual rate. The retail rate was down most significantly, falling just shy of 100 basis points to 10.68 percent. The sector with the biggest increase in special servicing rate was mixed use, which rose 98 basis points to 12.71 percent. This is the largest jump in the mixed use rate since March 2013. Two other sectors that sustained material change were multifamily and office. The multifamily rate fell 31 basis points to 8.42 percent while the office rate rose 34 basis points to 15.11 percent. This is the first time the office rate has cleared 15 percent since Trepp began publishing these rates in the year 2000.<\/p>\n\n\n\n

\u2014Posted on February 28, 2025<\/p>\n","protected":false},"excerpt":{"rendered":"

Data from Trepp’s latest report. Read more.<\/p>\n","protected":false},"author":3671,"featured_media":1004784795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,37753,21748,37756,23891,21742,51132,21747,37749],"tags":[35305],"class_list":["post-1004748054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-research-center-finance","category-industrial","category-rc-investment","category-national","category-latest","category-newsletter-graph","category-office","category-research-center-cpe","tag-trepp-inc"],"acf":[],"yoast_head":"\n2025 Special Servicing Rates - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The Trepp CMBS Special Servicing Rate rose to another 12-year record high in November, climbing two basis points to hit 10.86 percent.\" \/>\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-special-servicing-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2025 Special Servicing Rates\" \/>\n<meta property=\"og:description\" content=\"The Trepp CMBS Special Servicing Rate rose to another 12-year record high in November, climbing two basis points to hit 10.86 percent.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/2025-special-servicing-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=\"2026-01-28T09:35:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-17T22:23:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/0226_CPE_CMBS_SS.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-special-servicing-rates\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/2025-special-servicing-rates\/\",\"name\":\"2025 Special Servicing Rates - 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