CMBS Special Servicing Rate Declines in May, Led by Office Pullback & Denominator Growth

The Trepp CMBS Special Servicing Rate decreased by 51 basis points in May 2026 to 10.86%, driven primarily by an office loan returning to the master servicer and denominator effects, with special servicing rates declining across most property types including office (down 91 basis points to 16.75%), lodging (down 121 basis points to 8.45%), and multifamily (down 57 basis points to 8.51%). New transfers to special servicing totaled approximately $2.9 billion across 59 loans in May.