CREFC's July 2025 Monthly CMBS Loan Performance Report
August 25, 2025
CRE Finance Council has released a report on CMBS loan performance for July.*
Key takeaways:
DELINQUENCY RATE INCHES UPWARD
- Conduit/SASB CMBS combined delinquency of 7.23%
- Delinquency rate increased 10 bps in July
- Fifth consecutive monthly increase; follows increases of 5 bps in each of the prior two months
- On a YOY basis, the overall combined delinquency rate is up 180 bps (7.23% vs. 5.43% in July 2024)
- The 7.23% July delinquency rate is the highest since January 2021
- Office delinquency fell 4 bps in July to 11.04% – a welcome but modest relief – and still tops all property types.
- Office delinquency rate set a record high in June (11.08%), surpassing previous peaks of 11.01% (December 2024) and 10.70% (July 2012)
- Overall, June delinquency rate still 309 bps below the 10.32% peak in June 2020 – the height of pandemic-related lockdowns
- Loans in special servicing (SS) decreased 9 bps to 10.48% in July; SS rate has increased in 9 of the last 12 months and is up 218 bps YOY
*Source: Trepp. CMBS data in this report reflect a total outstanding balance of $642.6B: 53.9% ($346.4B) conduit CMBS, 46.1% ($296.2B) single-asset/single-borrower (SASB) CMBS.
Click here to download the full report. Contact Raj Aidasani for more information on CMBS loan performance.