CMBS Special Servicing Rose to 11.74%, the Highest Since 2012, and Apartment Loans Hit Their Highest Since 2014
Key Takeaways The Trepp CMBS special servicing rate rose 25 basis points to 11.74% in October 2026, the highest rate since December 2012, and 90 basis points above a year earlier. Lodging drove the increase, accounting for 37% of the $3.01 billion in loans that transferred to special servicing during the month. Multifamily special servicing rose to 9.22%, and the multifamily delinquency rate reached 8.09%, its highest level since December 2015. The overall CMBS delinquency rate actually fell 15 basis points to 7.87%, so the stress is concentrated in maturing loans and specific properties, not spread evenly across commercial real estate. The share of commercial mortgage loans in serious trouble just set a 14-year high. Trepp reported that its commercial mortgage-backed securities (CMBS) special servicing rate rose 25 basis points to 11.74% in October 2026, the highest rate since December 2012. Special servicing is where a loan goes when the borrower stops performing, misses a maturity ...