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November 10, 2020

CMBS Loans Have Gone To Special Servicing This Year Faster Than Ever Before
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The number of CMBS loans in the U.S. that have become delinquent and been transferred to special servicing this year is at the highest level since the aftermath of the Great Recession.

Most of those loans have been in the hardest-hit hotel and retail sectors, reflecting the almost-overnight disruption the coronavirus pandemic has caused to travel and shopping habits. Those segments are now at new peaks for delinquency. 

Across property types, loans are going to special servicing faster than during prior recessions, taking months instead of years and rocketing the overall market toward its previous peak at an unprecedented rate.

CMBS Loans Have Gone To Special Servicing This Year Faster Than Ever Before

Overall, the percentage of loans sent to a special servicer firm reached 10.48% in September, according to global securities data provider Trepp. That figure came down slightly to 10.28% in October, but remained well above the pre-pandemic rate of 2.78% in January.In

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