Trepp's October report on CMBS delinquency continued the upward trend, increasing 28 basis points to 5.98%. And it all came down to the office sector.

Outside of office, all the CRE property types in CMBS loans either saw lower or unchanged delinquency rates. Office, however, leaped 101 basis points in a month, reaching 9.37%. Office properties were 60% of newly delinquent loans in October.

According to Trepp, the last time office delinquencies were this high was in 2012 and 2013 and overall CMBS delinquency hit 10.34% in July 2012. A main driver of the increase was a single large office loan, previously current, that went 30 days delinquent in October. All the split pieces — including a single-asset, single-borrower property — "reflected this newly delinquent status."

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