- The overall delinquency rate for U.S. Commercial Mortgage Backed Securities (“CMBS”) continued to trend higher in 2024, increasing to 5.44% in August 2024, from 5.43% in July 2024, according to Trepp. By comparison, one year ago, the overall CMBS delinquency rate was 4.25% in August 2023.
- Office delinquency rates remain the highest of the property types shown in the chart below, although they have declined in recent months to 7.97% in August 2024 from 8.09% in July 2024.
- Multifamily delinquency rates have been climbing higher since April 2024 at 1.33% and had the largest increase to 3.30% in August 2024 from 2.63% in July 2024, a 0.67% increase.
Checking in on Commercial Real Estate Lending
- Commercial real estate loan recently peaked (for the time period June 2010 – July 2024) at $3.0 trillion in May 2024 and declined modestly to $2.994 trillion in June 2024 and increased to $2.997 trillion in July 2024.
Google Search Trends: Commercial Real Estate
- We utilize Google Search Trends to gain insight on consumer search interest on commercial real estate. Searches for the terms commercial property, office and rental housing all declined in 2024. Rental housing and retail had the only positive search interest in 2024.
