CMBS Delinquency Rates Edge Down

CMBS delinquency rates dipped to 7.54% in April 2026, led by changes in multifamily and industrial sectors. Track CMBS delinquency trends.

May 5, 2026

Nina Dale

CMBS delinquency rate fell to 7.54% in April 2026, down one basis point from March.
Multifamily and industrial delinquency rates rose, while lodging and retail declined.
The seriously delinquent rate decreased to 7.27% amid shifting loan classifications.
CMBS 2.0+ delinquency held steady at 7.45% for the month.

Key Takeaways

Delinquency Rate Trends

The April 2026 Trepp report shows the overall US CMBS delinquency rate declined by one basis point to 7.54%. This minor drop reflects stabilizing distress levels compared to prior months. Loans past their maturity date but current on interest, if included, would push the rate to 9.06%.

Serious delinquency—loans 60+ days overdue, in foreclosure, REO, or non-performing balloon status—also saw improvement, marking 7.27% as of April, down two basis points from March.

Sector Breakdown

Property-type dynamics shifted in April. Multifamily delinquency rates climbed to 7.71%, rising 56 basis points, mainly from two large newly delinquent multifamily loans. Industrial properties saw a 31 basis point increase to 0.96%, influenced by one major portfolio loan missing payments. The increase adds to broader pressure across multifamily lending markets, where rising operating costs and financing uncertainty continue to challenge asset performance.

Lodging reversed recent increases, dropping 79 basis points to 6.52% as two large loans shifted to performing, matured balloon status. Retail saw a decrease of 31 basis points to 6.31%, reflecting improved payment outcomes for two outlet loans. Office property rates remain elevated at 11.69% but were largely unchanged month-over-month.

Chart showing CMBS delinquency rates by property type from April 2025 to April 2026. Office delinquency remained highest at 11.69% in April 2026, while overall CMBS delinquency measured 7.54%. Retail stood at 6.31%, lodging at 6.2%, multifamily near 7.4%, and industrial below 1%. The chart also highlights the peak CMBS delinquency rate of 10.34% in July 2012.

Loan Classifications and Volume

Of roughly $2.63B in new delinquencies, the five largest loans made up $1.26B, spanning office, multifamily, and industrial portfolios. Non-performing matured balloon loans accounted for 42% of newly delinquent loans—the most prevalent category—while 40% were 30-days delinquent and the rest in foreclosure or REO.

CMBS 2.0+ Performance

The CMBS 2.0+ segment, representing post-crisis securitizations, recorded an unchanged delinquency rate at 7.45%. Within this group, serious delinquencies edged down by one basis point to 7.18%. Property-type patterns within CMBS 2.0+ echoed broader sector trends, with multifamily and industrial rates up, but lodging, office, and retail steady or declining.

What’s Next

Despite the slight monthly improvement, the CMBS delinquency rate remains elevated year-over-year, up 51 basis points from April 2025. Maturity-driven distress and property-specific shocks continue to weigh on the overall market, especially for office and multifamily assets.