The Trepp CMBS Special Servicing Rate increased another 34 basis points to 9.14% in October 2024. Over the past six months, the rate has increased by just over 100 bps, with the October figure reflecting the 10th consecutive monthly increase, according to Trepp.

Among the major property types, the office sector saw the highest month-over-month increase in the special servicing rate, climbing 136 bps to 13.94%. Compared to October 2023, the office rate is up 539 bps. The last time the office special servicing rate breached 13% was in November 2011; it remained above 13% until July 2012.

Meanwhile, the lodging rate has continued to climb, reaching 8.32% in October; the last time it was above 8% was in May 2022 when the rate was coming down from COVID highs. Multifamily and retail also experienced upticks in October, each rising by 14 bps to 6.21% and 11.37%, respectively.