CMBS Delinquency Report August 2025

Overall Rate Increases Again as Office & Multifamily Hit New Record Highs

The Trepp CMBS Delinquency Rate increased for the sixth consecutive month in August 2025, rising six basis points to 7.29%.

In August, the overall delinquent balance was $44.1 billion, and the outstanding balance was $604.6 billion; these are both up from $43.3 billion and $598.9 billion in July, respectively.Breaking it down by property type, three main sectors experienced substantial rate movement. Multifamily and office rates both surged, with the former up 71 basis points to a nine-year high of 6.86%, and the latter climbing 62 basis points to yet another all-time high of 11.66%. The retail delinquency rate dropped 48 basis points to 6.42%, receding to its lowest level in the past year.

Loan-level statistics for August mirrored last month’s, which saw a substantial volume of newly delinquent loans as well as cures. Newly delinquent loan balances amounted to over
$4.8 billion in August, while cured loans totaled $3.8 billion.   ...more

RSK: Still some doom and actual gloom out there for office and multi-family. But I think it is starting to flatten out.