The Trepp CMBS Delinquency Rate continued its upward trend in October 2024, increasing 28 basis points to 5.98%. Year over year, it’s up 135 bps. 

In October, all major commercial property types saw monthly delinquency rate decreases or remained unchanged, with the exception of office, which saw a 101-bp increase. Industrial held steady from September at 0.32%, multifamily delinquencies crept downward nine bps to 3.24%, lodging delinquencies fell 14 bps to 6.09% and retail delinquencies dropped 25 bps to 6.82%.

The office delinquency rate reached 9.37%, up from 8.36% in September and 5.75% a year ago. The last time the office rate breached 9% was in 2012 and 2013, when the overall CMBS delinquency rate reached an all-time high of 10.34% in July 2012. 

The office sector accounted for more than 60% of the newly delinquent loan amount in October, according to Trepp. Much of that was due to a single large office loan.