CREFC's March 2025 Monthly CMBS Loan Performance Report
April 29, 2025
CRE Finance Council has released a report on CMBS loan performance for March.*
Key takeaways:
DELINQUENCY RATE JUMPS BACK UP
- Conduit/SASB CMBS combined delinquency of 6.65%
- Delinquency rate increased 35 bps in March
- After two consecutive months of decreases totaling 27 bps, the delinquency rate is now at its highest level since February 2021 (6.80%)
- On a YOY basis, the overall combined delinquency rate is up 198 bps (6.65% vs. 4.67% in March 2024)
- Multifamily delinquency rate increased 98 bps in March to 5.44%
- The multifamily rate has now climbed 360 basis points over the past year, from 1.84% to its current level – the highest it has been since December 2015 (8.28%)
- Office delinquency rate was down slightly (-2 bps) in March, but remains elevated at 9.76% - the highest of all property types
- March delinquency rate is still 367 bps below the 10.32% peak in June 2020 – the height of pandemic-related lockdowns
- Loans in special servicing (SS) decreased 21 bps to 10.11% in March; SS has increased in 13 of last 15 months and is up 280 bps YOY
*Source: Trepp. CMBS data in this report reflect a total outstanding balance of $643.9B: 54.9% ($353.4B) conduit CMBS, 45.1% ($290.5B) single-asset/single-borrower (SASB) CMBS.
Click here to download the full report. Contact
Raj Aidasani for more information on CMBS loan performance.