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Trepp: CMBS special servicing rate rises to 11.49%, highest since February 2013

Office made up 57% of September's roughly $2.65 billion in new transfers, led by the $512.8 million One SoHo Square loan, which moved to special servicing for imminent balloon/maturity default.

At a glance

  1. Retail rose 24 basis points to 13.84%, lodging rose 21 basis points to 8.95%, and multifamily rose 17 basis points to 8.54%.
  2. New transfers to special servicing totaled roughly $2.65 billion across 42 whole loans, with office accounting for 57% of that.
  3. At $512.8 million, One SoHo Square alone represents close to a fifth of September's transfer volume.

Trepp's CMBS special servicing rate rose seven basis points in September to 11.49%, the highest level since February 2013, the data firm said in its September 2026 CMBS Special Servicing Report.

Retail rose 24 basis points to 13.84%, lodging rose 21 basis points to 8.95%, and multifamily rose 17 basis points to 8.54%. Office, at 16.85%, remained the highest rate among the property types Trepp reported even after falling five basis points. Mixed-use fell 30 basis points to 13.17% and industrial fell four basis points to 1.23%.

New transfers to special servicing totaled roughly $2.65 billion across 42 whole loans, with office accounting for 57% of that. Spread over 42 loans, the total averages about $63 million a loan, though the largest transfer was far bigger: the $512.8 million One SoHo Square, an urban office property in New York, NY, which moved to special servicing for imminent balloon/maturity default. Trepp's excerpt does not detail the loan's maturity date or the borrower's workout plan.

One loan sets the scale

At $512.8 million, One SoHo Square alone represents close to a fifth of September's transfer volume. The remaining 41 loans averaged roughly $52 million apiece, which puts the month's activity in the range of routine special servicing churn rather than a single wall of maturities.

Reported by the Real estate debt desk from Trepp. Published . Corrections

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