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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…
Markets are separating into distinct clusters of momentum. The post A More Localized Multifamily Recovery Emerges appeared first on Lument .
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.…
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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…
Arbor Realty Trust’s latest Small Multifamily Investment Trends Report, developed in partnership with Chandan Economics, evaluates what’s driving this sector’s ongoing stability as macroeconomic conditions remain mixed. Loan originations rose last quarter, and valuations are rebounding, signaling that normalization…
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.…
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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.…
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.
Europe spent much of this summer watching the risk quantified in a new German property study play out in real time. Wildfires around Bordeaux prompted France's largest-ever peacetime evacuation, while Spain battled the largest fire in its recorded history west of Madrid. More than 300,000 people were evacuated…
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…
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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 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…
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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…
Something significant has shifted in Germany's construction industry, largely without being planned. For the first time, the data suggests that renovation, conversion and repurposing of existing buildings are on the verge of overtaking new-build as the dominant form of construction activity in the country.
Germany's hotel market remains open for business in 2026. At the halfway stage, overnight stays are edging higher, investment transactions continue to take place and financing remains available for the right assets. Yet this apparent resilience disguises a market that has become far more discriminating, with…
The European Central Bank left its key interest rates unchanged at its July meeting, keeping the deposit rate at 2.25% following June's 25 basis point increase. The decision was universally anticipated and removes the immediate threat of another increase for property borrowers. It provides considerably less reason,…
Germany's rental market is no longer defined simply by rising rents. It is increasingly defined by falling residential mobility. As inadequate housing supply, limited housing turnover and worsening affordability reinforce one another, tenants are remaining in existing homes for longer whilst competition intensifies…
Between the end of 2023 and the end of 2026, residential projects totalling 30.1 million square metres of living space were scheduled for completion across Germany. Around 9.4 million square metres — equivalent to roughly 125,000 homes — will not be delivered. Felix Embacher , managing director of researchers…
Germany's construction cost problem has entered a new and sharper phase. Prices for the construction of new conventional residential buildings rose by 5% in May 2026 compared with the same month last year, according to the Federal Statistical Office — the largest annual increase since August 2023. That represents a…
Germany's forced auction market is beginning to accelerate. In the first half of 2026, 7,845 properties were scheduled for compulsory sale, up 8.4% on the same period last year, according to specialist publisher Argetra . That rate of increase is almost double the 4.7% growth recorded during the whole of 2025.…
The European Union 's Energy Performance of Buildings Directive (EPBD) gave member states until 29 May 2026 to transpose its provisions into national law. That deadline has now passed. Not a single member state has met it.
Homeowners who borrowed during Germany’s era of ultra-cheap money are now reaching refinancing day — and discovering that refinancing in 2026 is not simply about paying a higher interest rate. It is about reconciling two very different financial realities: being substantially wealthier on paper while facing a much…
Germany has quietly resolved one longstanding source of transaction friction in its commercial real estate market. A law published on 2 July removes the risk of being charged real estate transfer tax twice on the same share deal — a problem that has added unnecessary cost and complexity to institutional real estate…
Frankfurt's office market has just produced two headlines that appear to describe different cities. Prime rents in the Central Business District reached €55 per square metre during the second quarter of 2026 — a new all-time high, surpassing even the peak of the dotcom boom. At the same time, office take-up during…
German commercial real estate is approaching the busiest refinancing year of the current cycle, with more than €40bn in loans maturing in 2026 — and most of that debt was priced when interest rates were a fraction of today's levels. The resulting financing gap could exceed €6bn this year alone, according to new…
A former Deutsche Börse headquarters in Frankfurt now accommodates 3,200 students under a 30-year lease to the City of Frankfurt . Completed in just two and a half years after its conversion from office use, the project offers perhaps the clearest demonstration yet of why educational real estate is beginning to…
Germany's open-ended real estate funds ( GOEFs ) may finally be approaching the bottom of their crisis. Scope 's latest ratings round downgraded five funds, upgraded two and left twelve unchanged — a marked improvement on last year, when more than half the funds analysed were cut and none were upgraded at all. Yet…
Germany has 2.9 million university students, one of Europe's most severe shortages of purpose-built accommodation, and the most sought-after operational real estate segment among institutional investors. And yet German PBSA transactions stagnated at around €70 million in both 2023 and 2024. That gap between desire…
Something unusual happened in the German real estate market in the first quarter of 2026. Healthcare properties — nursing homes, outpatient medical centres, Ärztehäuser — accounted for 12% of total transaction volume. The historical average is 2-4%. In absolute terms, the sector recorded over €1 billion in…
Germany's property finance market entered 2026 with a fragile optimism that has not survived contact with reality. The German Real Estate Financing Index — the Difi , compiled quarterly by JLL and the Hamburg Institute of International Economics (HWWI) — fell by almost ten points in Q1 2026 to minus 9.1, slipping…
Senior loan spreads in European commercial real estate have nearly tripled since the start of 2024, rising from 1.1% to 3.2% over EURIBOR. That is not a cyclical wobble. It is a structural repricing of debt — and new data published in mid-May suggests the shift is accelerating.
A notable milestone passed almost unnoticed in the German grocery retail investment market last year: for the first time, foreign capital outpaced domestic investment in the sector. It was one of the more striking data points to emerge from a panel discussion on European retail at the Rueckerconsult INVESTMENT Expo…
The day before this panel convened at the Rueckerconsult INVESTMENT Expo in Berlin last week, KanAm Grund signed a lease in the City of London at nearly £110 per square foot. Anthony Bull-Diamond , KanAm's chief executive, mentioned it almost in passing — as live confirmation of a rental trajectory that Philip La…
Sortable data, thoughtful analysis, and expert insights await. The post 2026 Argentum Largest Seniors Housing Providers: Report Takeaways appeared first on Lument .
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…
Multifamily fundamentals are moving toward equilibrium. The post Summer 2026 National Multifamily Market Report: The New Normal Begins to Take Shape appeared first on Lument .
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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…
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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…
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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…
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:
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…
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…
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…
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…
The cabinet has approved a one-year extension of the measure reducing transfer and mortgage registration fees for real estate transactions to 0.01%, which policymakers claim can spur Thai GDP growth.
CREDA Research Foundation report analyzing first-quarter 2026 commercial real estate debt market conditions based on Altus Group survey data of borrowers and lenders.
This is a market report published by Knight Frank in October 2025 covering real estate credit and debt financing in the Asia-Pacific region, with focus on commercial mortgage-backed securities activity.
Federal Reserve survey data tracking the net percentage of domestic banks reporting tightened lending standards for commercial real estate loans on nonresidential structures.
Federal Reserve survey data tracking the net percentage of domestic banks reporting tightened lending standards for multifamily commercial real estate loans.
Federal Reserve economic data series tracking the net percentage of domestic banks tightening lending standards for commercial real estate construction and land development loans.
El Economista reports on rising residential financing activity in Mexico during 2026.
The Radisson Blu Hotel Complex in the heart of Bucharest has been refinanced with a EUR 123 mln loan. The hotel complex is owned by Revetas Capital together with funds and accounts managed by Cerberus Capital Management. The facility was underwritten by Deutsche Pfandbriefbank (pbb) with whom Revetas has a…
The trajectory of mortgage rates will be key to shaping nearly everything in 2026. The post The Housing Market: A Look Back at 2025 and What’s Ahead appeared first on Texas Real Estate Research Center .
The Fed’s September rate cut triggered a drop in mortgage rates, echoing 2024’s trend. Future rate shifts hinge on labor market dynamics, GDP growth, inflation trends, and the impact of the government shutdown. The post Déjà Vu? What to Expect From the Housing Market in 2025’s Final Stretch appeared first on Texas…
Office remains the primary source of stress within the CMBS market, even as delinquency rates eased modestly from recent highs. According to Trepp, the office CMBS delinquency rate stood at 11.71% in March 2026, down from the 12.34% peak reached in January, but still well above prior cycle highs and firmly within…
Securitized Agency loan performance improved modestly in May 2026. The total Agency delinquency rate declined to 0.47%, holding near the low end of the narrow range that has prevailed since mid ‑ 2025, as shown in Figure 1. As in prior months, aggregate movement reflects program ‑ level composition effects rather…