For the first time in four years, the overall CMBS special servicing rate of all vintages hit 9.89%, according to Trepp. That’s an increase of 311 basis points over the December 2023 level of 6.78% or 36 basis points from November 2024.

The highest special servicing rate by property type was, as one might guess, office, at 14.78%, a month-over-month increase of 15 basis points. Over the last 12 months, it was a jump of 633 basis points. The last time before November 2024 that the office special servicing rate was more than 14% was in three months in 2012 in the aftermath of the global financial crisis. If it ultimately rises to 15%, it would be a figure not seen since 2000, according to Trepp.

Another standout, in a negative way, category is mixed-use. The property type saw the largest one-month jump from November to December 2024 of 181 basis points. That marked the first time since 2013 that mixed-use special servicing rose above 11%.