The industry's own research.
251 reports
showing 1–60 of 251
SitusAMC released its quarterly ValTrends research report offering data-driven insights into commercial real estate valuation trends for Q1 2026.
SitusAMC released a quarterly research report examining commercial real estate market momentum and recovery trends amid continued uncertainty.
.jpg)
The Trepp Commercial Mortgage-Backed Securities (CMBS) Delinquency Rate increased 51 basis points to 7.86% in July, as the total balance of delinquent loans rose by $3.52 billion to $47.5 billion. Among the loans that became newly delinquent during the month were 30 multifamily loans totaling $509.3 million. A…
Analysis of rising distress indicators in multifamily commercial mortgage-backed securities during July, examining operational and market pressures.
CRE Loan Modifications: May–July 2026 Report Summary. CRED iQ tracked 82 modified CMBS and CRE CLO loans with a combined $2.36 billion in outstanding balance from May through July 2026. The mix looks different than it did a few quarters ago: extend-and-pretend hasn’t disappeared, but it’s no longer the whole story.…
.jpg)
Among commercial mortgage-backed securities (CMBS) mall loans, 96.3% of non-performing loans were written in 2016 or earlier, while loans written in 2017 or later are performing at essentially a 100% rate. The CMBS mall-loan market is not one population with a range of outcomes. It is two, split by origination…
Disclaimer: This is an excerpt from Trepp's "Investors Priced Four Data Center Deals 55 Basis Points Apart ” report. Click here to access. Four recent data center single-asset, single-borrower (SASB) commercial mortgage-backed securities (CMBS) deals priced their last-pay AAA bonds across a 55-basis-point range.…
Analysis of collateralized loan obligation market dynamics and issuance expectations amid market uncertainty.
.jpg)
Domestic private-label commercial mortgage-backed securities (CMBS) issuance reached $76.2 billion through July 2026, measured by loan balance when each deal was sold, according to Trepp data as of July 31. Single-asset, single-borrower (SASB) deals, each backed by one property or one owner, made up $58.0 billion.…
Morgan Stanley investment leaders discuss CLO equity opportunities and how macro conditions including market dispersion, software/AI impacts, and credit repricing are shaping performance expectations.
Disclaimer: This is an excerpt from Trepp's July 2026 CMBS Special Servicing Report. To access the full report, click here. The Trepp commercial mortgage-backed securities (CMBS) special servicing overall rate declined 11 basis points in July to 11.09%, partially reversing the increases of recent months.
Across the 50 largest commercial mortgage-backed securities (CMBS) markets, $45.8 billion of $393.5 billion in outstanding balance is currently distressed, a balance-weighted rate of 11.6 percent, according to CRED iQ data. Minneapolis, Denver and Oklahoma City lead the distress rankings at 55.1 percent, 35.9…
PGIM analysis of securitized product market conditions, trends, and investment positioning for the first quarter.
PGIM outlook on securitized products market conditions and trends for the third quarter of 2025.
Underwriting expectations for occupancy during the multifamily market's post-pandemic boom reflected the strong demand that characterized the market in 2021. Record apartment deliveries in the years since have reshaped market conditions, creating a widening gap between those expectations and current occupancy…
.jpg)
Multifamily has become a more important component of conduit commercial mortgage-backed securities (CMBS) at the same time that recent-vintage performance has become harder to generalize. Multifamily represented roughly 20% to 23% of conduit securitization balance in 2024 through July 2026, compared with only 7% in…
Across the 50 largest CMBS markets, $45.8 billion of $393.5 billion in outstanding balance is currently distressed, a balance-weighted rate of 11.6%. Minneapolis (55.1%), Denver (35.9%), and Oklahoma City (34.1%) lead the rankings, each shaped by a handful of very large loans rather than broad weakness, while Salt…
The Trepp CMBS Delinquency Rate increased by 51 basis points to 7.86% in July 2026. The increase was led by a group of very large loans whose status moved to non-performing matured balloon or foreclosure. The five largest newly delinquent loans accounted for $2.6 billion of the $6.0 billion in newly delinquent…
.jpg)
Delinquencies remain modest, but Austin has the highest multifamily watchlist rate among the 50 largest U.S. metropolitan statistical areas (MSAs). Austin’s multifamily challenges are not yet showing up primarily as missed payments. They are appearing one step earlier in surveillance. As of mid-July 2026, the…
Second-quarter earnings calls from banks with meaningful multifamily concentrations showed significant divergence in performance and pipelines. The ten banks differed not only from one another but, with two exceptions, also from recent super-regional commentary, where lenders reported stronger pipelines and…
The August 2026 private-label commercial mortgage-backed securities (CMBS) hard-maturity 1 cohort totals $5.49 billion across 130 loan pieces 2 comprising 119 whole loans, roughly double July's $2.55 billion. Of the total, 125 loan pieces ($5.36 billion, 97.51%) are performing, while five loan pieces ($136.6…
Multifamily standards eased modestly during Q2, driven entirely by large banks, while aggregate demand remained essentially unchanged despite a sharp split by bank size. Trepp-i spreads are already at the bottom of their post-2021 range, suggesting that further competition may increasingly surface in loan structure…
.jpg)
Eight of the 11 super-regional banks with comparable linked-quarter data reported higher commercial real estate (CRE) balances in the second quarter. But growth was uneven, and at several banks reflected acquisitions, greater utilization, or extensions that delayed runoff as much as new originations, while legacy…
For commercial real estate and commercial mortgage-backed securities investors, brokers and lenders trying to separate signal from noise in a choppy market, granularity is everything. CRED iQ‘s July 2026 reporting period data looks to provide exactly that with a loan-level view of distress across the $600…
Commercial real estate lending is reopening in 2026, as Fed rate stability, bank activity, CMBS demand and selective capital reshape refinancing. The post The Fed Stayed Put. The CRE Lending Market Has Not. appeared first on Propmodo .
For three years, German real estate has been waiting for a wave of non-performing loans to break. It hasn't happened — and not because the underlying distress isn't real. According to panellists at a recent PB3C webinar on how Germany's property market is dealing with financial distress, lenders, borrowers and fund…
Disclaimer: This text is an excerpt from Trepp's July 2026 CMBS Delinquency Report. To access the full analysis of the report, click here. The Trepp commercial mortgage-backed securities (CMBS) Delinquency Rate increased by 51 basis points to 7.86% in July 2026, led by a group of very large loans whose status moved…
CRED iQ’s July 2026 surveillance data shows the Overall Distress Rate for CMBS climbed to 10.91%, up 22 basis points month-over-month, driven primarily by a 42-bps jump in the Special Servicing Rate to 10.38%. The Delinquency Rate rose more modestly, to 8.68%. For CRE and CMBS investors, brokers, and lenders trying…
.jpg)
Commercial loan growth returned across the regional bank group and competition continues for relationship-driven commercial credit even as some banks report modest increases in non-performing assets. Second-quarter results from 11 super-regional banks delivered a more constructive lending signal than in the first…
Delinquency rates for mortgages backed by commercial properties decreased during the second quarter of 2026. That’s according to the Mortgage Bankers Association’s (MBA) latest commercial real estate finance (CREF) Loan Performance Survey, which reported that CMBS delinquencies declined during Q2 but remain…
Zinsumfeld. Die EZB hat ihre Zinsen im Juli nicht verändert, der weitere Kurs der Notenbank hängt stark von den Energiepreisen und daher der Situation in Nahost ab. Die Zinspause beruhigt den Markt zwar etwas, den schleppenden Abbau von Problemfinanzierungen kann sie aber kaum beflügeln. Ein Studie von Roland…
.jpg)
The Fed is expected to hold rates this Wednesday, July 28th, 2026, but a hike is a real possibility after surging energy prices revived inflation concerns. Meetings can move markets even when the rate does not change. In June, the Fed held and still jolted rate expectations, producing the largest hawkish surprise…
.jpg)
Some of the strongest long-run single-family housing markets in the country have also been strong multifamily investment markets. But the two property types did not always appreciate at the same pace. To see where the relationship held, and where it broke down, Trepp compared annualized value growth across four…
.jpg)
Roughly $11.4 billion of securitized grocery-anchored commercial real estate debt comes due between 2027 and 2029, which is about 62% of the entire $18.6 billion grocery-anchored universe. The wall is front-loaded: 2027 alone carries $4.2 billion of maturities, more than either of the following years. That much…
A handful of the latest commercial real estate collateralized loan obligation (CLO) deals lean hard into multifamily collateral and full-term interest-only structures. CRED iQ analyzed loan-level collateral across a handful of the latest CRE CLO deals totaling $4.68 billion and 160 loans of collateral with the…
Last week's surge in oil prices pushed Treasury yields to their highest levels since early 2025 and put a rate increase back on the table, two weeks after a soft June inflation report had taken it off. Here are three things to watch for this week:
.jpg)
Community banks in the $2 billion to $6 billion asset range are assumed to carry safer retail commercial real estate (CRE) exposure than their larger peers. The reasoning: community banks more frequently lend to ‘needs-based’ retail, which is a fundamentally different credit from a super-regional mall. We tested…
Commercial mortgage-backed securities (CMBS) delinquency rates suggest Whole Foods is a riskier retail tenant than Walmart. That's exactly the wrong conclusion. Among the top 200 CMBS tenants, Whole Foods Market carries a 22.4% delinquency rate, followed by Safeway at 9.7% and Costco at 5.5%. By comparison, Walmart…
A handful of the latest CRE CLO deals lean hard into multifamily collateral and full-term interest-only structures. CRED iQ analyzed loan-level collateral across a handful of the latest CRE CLO deals totaling $4.68 billion and 160 loans of collateral, and the profile points to lenders concentrating risk in the…
.jpg)
Every commercial real estate loan starts with a single number: how much a lender is willing to lend against a collateral property. That initial number is determined through “loan sizing.” At the proposal stage, the originator receives and organizes materials from the borrower or their broker that report the…
New York's single-tenant retail market delinquency rate is more than double Los Angeles's. But the real story isn't how much distress exists, but what kind of distress it is. The New York City metropolitan statistical area (MSA) carries an 18.5% delinquency rate, compared with 8.0% in Los Angeles, the…
.jpg)
The most competitive corner of the retail CRE lending market right now is not the safest slice of the stack. It is the middle. Over the past year, lenders have gotten meaningfully more aggressive on the 60-65% loan-to-value (LTV) band, tightening the marginal price of that incremental debt while pricing on the…
Capital Economics analysis of global commercial property market conditions, examining tariff impacts, investment trends, and economic growth headwinds across asset classes.
A strong local economy should translate into safer retail credit performance. Faster income growth gives households more room to spend, supports tenant sales, and should improve the performance of loans backed by retail properties. We ranked states by real wage growth and compared retail commercial mortgage-backed…
Disclaimer: This is an excerpt from Trepp's "Where the Second-Half 2026 CMBS Refinance Gap Is Hiding" report. Click here to access it . Commercial real estate headlines continue to focus on the next wave of loan maturities. The assumption is straightforward: billions of dollars are coming due, making refinancing…
.jpg)
Consumers say they feel worse than they did in 2008 and are spending like nothing is wrong. The Michigan sentiment index set a record low in May, the same month retail sales reached the top of their trailing year. The question for anyone in commercial real estate (CRE) reading the consumer is which signal to…
Last week's much softer June inflation report knocked a July rate increase off the table after hike odds had been climbing, and Chair Warsh did little in two days of congressional testimony to challenge that repricing. This week the Fed goes quiet ahead of its July 29 decision, while attention turns to the banks…
This is a data report released by KBRA in June 2026 providing an update to their Commercial Mortgage-Backed Securities (CMBS) Loss Compendium covering national markets. The report compiles loss-related figures and metrics for the CMBS sector.
This is a market report published by KBRA in June 2026 covering commercial mortgage-backed securities (CMBS) and debt-financing trends across national markets.
Fitch Ratings publishes an ESG relevance scores dashboard for structured finance instruments in the first half of 2026.
This is a Fitch Ratings commentary assessing the impact of the 21st Century Road to Housing Act on US single-family rental commercial mortgage-backed securities, finding the legislation to have a neutral effect on the sector.
This is a white paper published by Fitch Ratings examining risk considerations related to structured finance and project financing in the context of data center evolution at the national level.
This is a market report published by Fitch Ratings examining how New York City rent freeze policies affect rent-stabilized multifamily properties and create pressure on Commercial Mortgage-Backed Securities risk at a national level.
Special Report / Thu 16 Jul, 2026
Single-asset single borrower (SASB) commercial mortgage-backed securities (CMBS) activity is expected to remain an important part of the market, while upcoming loan maturities will continue to test refinancing availability and lender selectivity.
This KBRA report, together with the accompanying KBRA CMBS Loss Compendium: June 2026 Spreadsheet, provides updated loss estimates for KBRA-rated conduit transactions.
Trepp and CRE Direct release a mid-year publication examining improving conditions in commercial real estate finance markets.
CMBS special servicing volumes increased 1.72% in June with ongoing workout activity across the sector.
.jpg)
After two years of tighter credit conditions, the bank commercial real estate (CRE) lending story has shifted from whether banks are pulling back to where balance sheets are growing again. Aggregate loan growth has picked up in parts of the CRE book, and recent lending commentary has pointed to a cautious return of…
Trepp and Commercial Real Estate Direct released a year-end recap covering CRE finance and CMBS market activity, news, and trends.