The Trepp CMBS Delinquency Rate posted another increase in January 2026, climbing 17 basis points to 7.47% overall after a four-bp increase in December 2025. The increase was driven by a net increase in delinquent loans of nearly $1.6 billion, driven primarily by the office sector.
For the second straight month, three of the five major property types saw increases in their delinquency rates, while two pulled back, although the mix was different in January. The largest increase was in office, up 103 bps to an all-time high of 12.34%. The previous high for the sector was 11.76% in October of last year.
The second largest rate increase was multifamily’s, which moved back up by 30 bps in January to 6.94%, following a 34-bp decrease in December, Trepp reported. Retail delinquencies increased by 12 bps to 7.04%, still 78 bps down from the recent peak of 7.82% in March 2025, but the sixth monthly increase since 2025 began.
The lodging rate saw the largest retreat, 105 bps to 5.56%, down to its lowest level since March 2024. Industrial delinquencies broke a three-month streak of increases, dropping 18 bps to 0.62%.
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