November's CMBS delinquency rates climbed again after dropping dramatically in October. The November rate reached 8.81%, a .31% rise over October's rate. "October's lower activity was driven primarily by a resolution to the large Extended Stay portfolio, which we consider an anomaly," states Scott Barrie, managing director of Investcap Advisors. Fewer commercial loans were being transferred to special servicers in November, culminating in a 16.7 % decrease over prior month activity.
The rise of over $2 billion in overall delinquencies continues to be driven by high concentrations in the multi-family, office and retail sectors. The 12 month CBMS delinquency ratios are again led by lodging at 15.2% and multi-family at 14.1%. The remaining core property type delinquency ratios are retail 7.5%, office 6.8% and industrial 6.2%. "We can expect to see continued volatility in the data in coming months as future economic conditions remain uncertain," explains Barrie. The Investcap Advisors CMBS delinquency report is released monthly and created from data on over $695 billion in CMBS loans.
About Investcap Advisors, LLC
Investcap Advisors LLC is a leader in providing market intelligence data and analysis on loans and properties underlying the Commercial Mortgage Backed Securities (CMBS) universe. Using proprietary web-based platforms, LoanAdvisor and CREDataXpress, Investcap Advisors provides customers with scalable solutions for valuable insight on commercial loans and their underlying properties. Visit: www.investcapadvisors.com
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