The climb of the CMBS special servicing rates continues by Trepp's count. In August, the overall rate lifted another 16 basis points to 8.46%. So far in 20204, CMBS special servicing has climbed every month from January through August, when it hit a three-year high. One year ago, it was 6.67% and six months ago it was 7.14%.
Looking only at CMBS 2.0+, the special servicing rate was 8.34%. In August 2023, it was 6.44% and six months ago it was 7.03%. For CMBS 1.0, the special servicing rate was 26.19%, compared to 33.12% a year ago and 23.40% six months ago.
By property type, the only category to break the pattern was industrial, seeing a three basis point drop from 0.43% in June to 0.40% in July, and then an additional one basis point down to 0.39% in August.
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