Unlike other CRE categories, single-asset/single-borrower loans backed by office properties have fared relatively well in the pandemic, according to a report from DBRS Morningstar.
With longer leases and few mandatory shutdowns of office space, rent collections have remained strong in the SASB space through Q3. As of October, there were no SASB office loans in special servicing. Across the entire CMBS universe, the special servicing rate for office properties stood at 2.95% as of October.
But the sector should feel some pressure in the future.
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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.
