The CMBS special servicing rate has jumped for the ninth consecutive month, according to the most recent analysis by Trepp. The overall rate across all property categories was 8.79%, an increase of 192 basis points over the last year.

From low to high, here are the rates for individual property types and how much they've increased over the last year: industrial, 0.50% from 0.32%; multifamily, 6.07%, from 3.14%; lodging, 7.84% from 7.24%; mixed-use, 9.67% from 7.19%; retail, 11.22% from 10.14%; and office, 12.58% from 8.34%.

Trepp noted that distress was consistent throughout, with special servicing rates increasing for all types. On a month-over-month basis, four of the types were up by at least 30 basis points. Office was up by 67 basis points since August, making 200 basis points over the previous four months. Multifamily's 6.07% rate is the first time in almost nine years that it's been over 6%. Retail at 11.22% was almost a two-year high and 7.84% for lodging marks a two-year high.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.