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Multifamily Distress Jumps to 12.9%, Marking Significant YoY Increase

Not surprisingly, office was at the head of the pack.

By Erik Sherman | February 11, 2025 at 06:01 AM

“Distress rates are up” has become the commercial real estate equivalent of “dog bites man.” The overall rate for CMBS financed properties has reached a record fifth straight high of 11.5%, adding 90 basis points in January 2025 from December’s 10.6%, according to CRED iQ.

The special servicing rate was up 50 basis points to 10.3%. In January 2024, it was 6.7%. And the delinquency rate was nearly 9.0%.

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