Fitch Ratings’ overall U.S. CMBS delinquency rate increased 10 basis points to 3.10% in September from 3.00% in August, due to a higher volume of new office delinquencies and a slowdown in resolutions. The office sector represented 51% of the new 60-day-plus delinquency volume with $1.04 billion in new office delinquencies.
New 60+ day delinquency volume totaled $2.05 billion in September, compared with $1.69 billion in August, Fitch said. After office, multifamily comprised the second-largest share at 18% or $370 million, followed by retail (11%, $232 million) and mixed-use (7%, $144 million). Maturity defaults accounted for 51% ($1.05 billion) of new delinquencies, and term defaults comprised the remaining 49% ($996 million).
Resolution volume decreased to $964 million in September from $2.18 billion in August. Total September resolutions included $799 million of loans brought current and $165 million of loans previously 60+ days delinquent removed from Fitch’s index that are now 30 days delinquent.
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