- Trepp’s overall US CMBS delinquency rate fell one basis point to 7.85% in August 2026.
- Office delinquency rose nine basis points to 12.00%, while lodging and retail posted larger monthly increases.
- Non-performing matured balloon loans drove 81% of newly delinquent balances, keeping maturity risk central to the market.
CMBS delinquency was nearly unchanged in August 2026. The headline rate still masked rising stress across most major property types. Trepp reported a one-basis-point decline to 7.85%. The seriously delinquent rate increased 12 basis points to 7.69%.
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Property-Level Stress Broadens
Four of the five major property types posted higher delinquency rates in August. Lodging rose 49 basis points to 5.84%, and Retail increased 24 basis points to 7.20%. Office climbed nine basis points to 12.00%. Industrial edged up one basis point to 1.14%, while Multifamily held at 7.69%. Trepp attributed the increases to newly delinquent loans that outweighed a smaller group of cures.
The Details
Trepp said several large loans became delinquent after failing to pay off at maturity. New delinquencies included office towers in Chicago, Los Angeles, and Washington, DC. They also included a Washington, DC and Northern Virginia office portfolio and a New Orleans hotel. Non-performing matured balloon loans represented 81% of newly delinquent balances. Another 13% came from 30-day delinquencies, and 4% came from foreclosure.
CMBS Delinquency Pressure Shifts to Maturities
Including performing matured balloon loans would lift Trepp’s rate to 9.81%, up 19 basis points from July. The 30-day delinquent share fell to 0.16% from 0.29%. That shows much of the pressure sits deeper in the resolution process. The current CMBS delinquency cycle is increasingly tied to maturity outcomes, not a broad jump in early-stage payment problems.
Why It Matters
The office sector remains the clearest stress point. Its 12.00% delinquency rate was well above the 7.85% overall rate. Retail also remained elevated at 7.20%, and Multifamily stood at 7.69%. Trepp’s seriously delinquent measure includes loans 60 or more days delinquent, in foreclosure, REO, or non-performing matured balloon status. That measure rose even as the headline rate ticked lower.
What’s Next
Large maturity failures and cures can move the monthly rate in either direction. A sizable Times Square loan returned to performing matured balloon status in August. It became the month’s largest cure outside the five main property types. The next readings will show whether office maturities keep pushing serious delinquency higher.
