U.S. CMBS Delinquency Rate Experiences Largest Month-Over-Month Increase Since 2020
The U.S. CMBS delinquency rate increased by 15 basis points to 1.85 percent in May from 1.70 percent in April, marking the largest month-over-month increase since October 2020, according to Fitch Ratings, which provides the following delinquency rate breakdown by sector:
–Retail*: 4.90% (from 4.60% in April);
–Hotel: 3.98% (3.95%);
–Office: 1.81% (1.42%);
–Multifamily**: 0.45% (0.47%);
–Industrial: 0.44% (0.43%);
–Mixed Use: 1.91% (1.74%);
–Self-Storage: 0.00% (0.06%);
–Other: 1.41% (1.34%).
*Regional Malls: 6.89% (6.55%).
**Student Housing: 1.13% (1.12%).
According to Trepp, in May 2023, the overall U.S. CMBS delinquency rate increased by 53 basis points to 3.62 percent. The Trepp report states that year-over-year, the rate is up 48 basis points; year-to-date, the rate is up 58 basis points; and one year ago, the delinquency rate was 3.14 percent.
Last Updated on June 11, 2023 by Ramin Seddiq