During the great financial crisis, CMBS distress took a while to play out. CMBS delinquencies and special servicing rates didn't reach their peak of 10.3% and 13.4% until mid-2012, according to Trepp.

During the current COVID-19 crisis, things have moved a lot faster. Lodging and retail suffered immediately after travel and non-essential shopping stopped in the spring.

Trepp reports that 30-plus day delinquency rates hit a near all-time high of 10.3% by June 2020. Lodging and retail delinquencies moved up to 24.3% and 18.1%, respectively; the highest on record for the CMBS industry.

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Leslie Shaver

Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.