{"id":1004788303,"date":"2026-06-25T02:03:00","date_gmt":"2026-06-25T10:03:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004788303"},"modified":"2026-06-21T23:02:59","modified_gmt":"2026-06-22T07:02:59","slug":"special-servicing-rates-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/special-servicing-rates-2\/","title":{"rendered":"2026 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 commercial mortgage-backed securities Special Servicing Rate decreased by 51 basis points in May to 10.86 percent.<\/p>\n\n\n\n

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

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

\u2014Posted on June 25, 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 increased by 38 basis points in April to 11.38 percent.<\/p>\n\n\n\n

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

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\u2011use edged up two basis points, and retail was unchanged.<\/p>\n\n\n\n

\u2014Posted on May 26, 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 increased by 27 basis points in March to 11 percent.<\/p>\n\n\n\n

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

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\u2011use fell 30 basis points and retail edged down 9 basis points.<\/p>\n\n\n\n

\u2014Posted on April 23, 2026<\/p>\n\n\n\n

\n\n\n
\n
\"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 declined modestly by 18 basis points in February to 10.7 percent.<\/p>\n\n\n\n

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

February saw large and mixed movements across property types. The mixed\u2011use 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.<\/p>\n\n\n\n

\u2014Posted on March 24, 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 increased 20 basis points in January to 10.91 percent, led by several new transfers in the office sector.<\/p>\n\n\n\n

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

\n\n\n\n

READ ALSO:<\/strong> Cap Rates Hold Steady Across Major CRE Sectors<\/a><\/p>\n\n\n\n

\n\n\n\n

In contrast, mixed\u2011use 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.<\/p>\n\n\n\n

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

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

\u2014Posted on Feb. 25, 2026<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Data from Trepp’s latest report. Find out more.<\/p>\n","protected":false},"author":3671,"featured_media":1004802309,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,37753,21748,23891,21742,21747,37749],"tags":[52797],"class_list":["post-1004788303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-research-center-finance","category-industrial","category-national","category-latest","category-office","category-research-center-cpe","tag-trepp"],"acf":[],"yoast_head":"\n2026 Special Servicing Rates - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The Trepp commercial mortgage-backed securities Special Servicing Rate decreased by 51 basis points in May to 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\/special-servicing-rates-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2026 Special Servicing Rates\" \/>\n<meta property=\"og:description\" content=\"The Trepp commercial mortgage-backed securities Special Servicing Rate decreased by 51 basis points in May to 10.86 percent.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/special-servicing-rates-2\/\" \/>\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=\"2026-06-25T10:03:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/0726_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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/special-servicing-rates-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/special-servicing-rates-2\\\/\"},\"author\":{\"name\":\"Emily Yue\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/122c52e1be0ecdb704fee1ffd0e29d9f\"},\"headline\":\"2026 Special Servicing Rates\",\"datePublished\":\"2026-06-25T10:03:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/special-servicing-rates-2\\\/\"},\"wordCount\":615,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/special-servicing-rates-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2026\\\/05\\\/0726_CPE_CMBS_SS.jpg\",\"keywords\":[\"Trepp\"],\"articleSection\":[\"Finance\",\"Finance (Research Center)\",\"Industrial\",\"National\",\"News\",\"Office\",\"Research Center\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/special-servicing-rates-2\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/special-servicing-rates-2\\\/\",\"name\":\"2026 Special Servicing Rates - 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