Trepp | CMBS Delinquency Rate Inches up in February 2024, Driven by Office Sector Distress

The Trepp CMBS Delinquency rate inched up in February 2024. Overall, the delinquency rate rose five basis points to 4.71%. In the heavily watched office segment, delinquencies jumped 33 basis points to 6.63%.

The month-over-month increase in February is roughly in line with the average monthly increase for the sector over the prior 12 months, increasing by 37 basis points per month on average. The retail segment notched the largest decline of all property sectors for the month, dropping 24 basis points to 6.03%.

The Overall Numbers

The overall US CMBS delinquency rate rose to 4.71%, an increase of 5 basis points for the month. (The all-time high on this basis was 10.34% registered in July 2012. The COVID-19 high was 10.32% in June 2020.)

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For more information, please contact the author:
> Stephen Buschbom, Research Director, TREPP

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