Although the delinquency rate overall held steady in January, there was some movement up or down within individual property types. Office late-pays saw the biggest increase, rising 19 basis points to 5.07%. Fitch attributes this to $310 million in new delinquencies outpacing $235 million in resolutions—with both the largest new delinquency and the largest resolution stemming from Newark, NJ office properties, respectively the $56.9-million Gateway Center IV and the $50.6-million 33 Washington property.

At the other end of the spectrum, industrial delinquencies declined by 29 bps to 4.17%, with $104 million of resolutions outpacing $74 million of new delinquencies. The hotel sector saw an 18-bp drop in its late-pay rate to 3.65%, and mixed-use delinquencies fell by 16 bps to 3.86%.

Other property types saw marginal increases or decreases. Multifamily delinquencies, while still less than 1% at this point, rose two bps to 0.83%. Retail late-pays dipped four bps to 5.21%, while delinquencies for miscellaneous CMBS loans saw a one-bp increase to 0.68%.

NEW YORK CITY—Whether the outcome was a slight decline in delinquencies or no change, it's pretty safe to say that the situation for CMBS late-pays didn't worsen in January. Fitch Ratings said Friday that delinquencies for Fitch-rated securitized commercial mortgages stayed flat at 3.34% for the month; last week Trepp LLC reported a dip of five basis points in the delinquency rate.

Fitch says resolutions of $1.09 billion edged out new delinquencies of $1.07 billion, with nearly 40% of those resolutions taking the form of REO dispositions. Additionally, portfolio runoff of $9.28 billion exceeded Fitch-rated new issuance volume of $8.66 billion from 10 transactions in December, thereby lowering the overall index denominator.

“The initial calm is not likely to last,” the ratings agency warns. Fitch expects CMBS delinquency rates to be volatile in the coming months, due to a recent uptick in the volume of loans transferring to special servicing. January alone saw nearly $1.5 billion of CMBS deals transferred to special servicing.

Moreover, there's the delinquency rate for pre-2009 loans, a/k/a CMBS 1.0. It has risen for each of the past 12 months, and now exceeds 17%. Approximately 42% of the outstanding CMBS 1.0 delinquencies are REO assets.

Although the delinquency rate overall held steady in January, there was some movement up or down within individual property types. Office late-pays saw the biggest increase, rising 19 basis points to 5.07%. Fitch attributes this to $310 million in new delinquencies outpacing $235 million in resolutions—with both the largest new delinquency and the largest resolution stemming from Newark, NJ office properties, respectively the $56.9-million Gateway Center IV and the $50.6-million 33 Washington property.

At the other end of the spectrum, industrial delinquencies declined by 29 bps to 4.17%, with $104 million of resolutions outpacing $74 million of new delinquencies. The hotel sector saw an 18-bp drop in its late-pay rate to 3.65%, and mixed-use delinquencies fell by 16 bps to 3.86%.

Other property types saw marginal increases or decreases. Multifamily delinquencies, while still less than 1% at this point, rose two bps to 0.83%. Retail late-pays dipped four bps to 5.21%, while delinquencies for miscellaneous CMBS loans saw a one-bp increase to 0.68%.