US CMBS special servicing is at its highest since the financial crisis
Trepp, via The Real Deal, Oct 29: special servicers now oversee $69.5B, $24.4B entered this year, delinquency is just over 8% (about $49B), and 16.9% of office CMBS was in special servicing in September.
Investor impact: US distress supply is still building, not clearing, with multifamily payoff rates near 69% vs office at 12.8%. For Florida and Sun Belt buying, patience and lender-led sales remain the edge. Note: Trepp data via a paywalled report, single source.
Source: https://therealdeal.com/data/national/2026/cmbs-special-servicing-peaks-since-financial-crisis/
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