The Trepp CMBS Delinquency rate surged in April 2024 after posting a slight decline in March. Overall, the delinquency rate increased 40 basis points to 5.07% for the highest level since September 2021, when the rate was 5.35%.

The increase was driven by spikes in the office, lodging and retail sectors, Trepp said. More than a dozen securitized loans with outstanding balances greater than $100 million became delinquent during April.

Office led in both the overall delinquency rate at 7.38% and the biggest monthly increase at 80 bps, following by lodging with a 52-bp increase and retail with a 38-bp rise. The size of the month-over-month increases for each of these three property sectors was the highest in almost a year.

Conversely, multifamily delinquencies saw a 51-bp decrease to 1.33%, while industrial delinquencies declined three bps to 0.44%