CMBS Delinquencies Climb as Market Stress Spreads Beyond Office

The latest data from Trepp shows October brought another wave of distress across the CMBS landscape, signaling that what began as an office-sector problem is now becoming a broader market challenge. Widening cracks: In October 2025, the overall CMBS delinquency rate climbed 23 basis points to 7.46%, driven by a $1.1 billion rise in delinquent…

Commercial mortgage-backed securities (CMBS) delinquency rates climbed to 7.03% in April — the highest reading since early 2021. By the numbers: Trepp reports a 38-basis-point increase from March and a nearly 200-basis-point jump year-over-year, bringing the total balance of delinquent loans to $41.9 billion. While 91.62% of loans remain current, early-stage delinquencies and non-performing balloon…