CMBS special servicing rate declines in March

Retail sector saw biggest month-over-month improvement

The rate of loans sent to special servicers continued to fall in March, showing signs of recovery in several sectors.

The overall special servicing rate for commercial mortgage-backed securities in March was 9.42 percent, down 18 basis points from February, according to Trepp. The rate has been declining since the September 2020 peak of 10.48 percent, Commercial Observer reported…

Retail saw the biggest month-over-month improvement, with the special servicing rate in that sector was 16.23 percent, down by 44 basis points from the same time last month. The rate of the struggling lodging industry was 24.16 percent, down 7 basis points from February. Read more here.