2025 Special Servicing Rates
The Trepp CMBS Special Servicing Rate pulled back 2 basis points to 9.87 percent in January 2025. This was the first decline in the monthly rate since December 2023.
The main driver of the rate’s decrease was the increased overall balance of all CMBS loans outstanding. Compared to last month, the balance of loans in special servicing rose by $843.0 million, but the balance of all outstanding CMBS loans also increased by $9.5 billion.
Broken down by property type, two sectors experienced substantial changes to their individual rate. The retail rate was down most significantly, falling just shy of 100 basis points to 10.68 percent. The sector with the biggest increase in special servicing rate was mixed use, which rose 98 basis points to 12.71 percent. This is the largest jump in the mixed use rate since March 2013. Two other sectors that sustained material change were multifamily and office. The multifamily rate fell 31 basis points to 8.42 percent while the office rate rose 34 basis points to 15.11 percent. This is the first time the office rate has cleared 15 percent since Trepp began publishing these rates in the year 2000.
—Posted on February 28, 2025
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