Although better multifamily performance numbers have been improving CMBS delinquencies overall, office and retail loans are setting record highs, with the latter surpassing the former for the first time in almost five years.
"The last time office delinquencies surpassed those of retail was in May 2007,” Fitch managing director Mary MacNeill told this publication.
Office delinquencies rose by 46 basis points to 7.3% and retail delinquencies climbed by 32 basis points to 7.21%, according to a monthly Fitch commercial mortgage-backed securities index report Friday. Industrial delinquencies also edged up a bit in January, rising 15 basis points to 10.4%.
However, delinquencies on CMBS overall slid five basis points to 8.32% due largely to a steep 165 basis point drop in multifamily loan delinquencies to 12.27%. This is sixth month in a row overall CMBS delinquencies have declined.
