National CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

hbspt.forms.create({ portalId: "6064756", formId: "7410157d-ff8d-402b-a166-044800c0dace" });

Sub Markets

Property Sectors


New call-to-action hbspt.cta.load(6064756, '573ea796-7a6a-4f2a-96d5-cd4014e6fc00', {"useNewLoader":"true","region":"na1"});
National  + Distressed Assets  | 
The loan on Walden Galleria, a surburban Buffalo, NY shopping center, was sent to the special servicer in March 2022

CMBS Special Servicing Rate Continues to Decline 

The Trepp CMBS Special Servicing Rate fell 42 basis points in March to 5.66%. Six months ago, the Trepp special servicing rate was 7.48%, and 12 months ago the Trepp Special Servicing Rate was 9.42%. 

The largest cures in March continued to be concentrated in the lodging and retail sectors. The lodging rate fell 100 basis points to 10.88%, while the retail rate fell dropped 102 bps to 10.90%. 

The percentage of the loans on the servicer watchlist fell 37 bps to 25.52%. This is the sixth consecutive monthly decline, according to Trepp. 

Approximately $668.3 million in CMBS debt was transferred to a special servicer in March. The new transfers were comprised largely of loans backing retail properties, which equated to 69% of the newly transferred balance. The largest newly transferred loan was the $237.2-million Walden Galleria loan (JPMCC 2012-WLD) backing a regional shopping center in suburban Buffalo, NY (pictured). 

Photo by Flickr user Cathy Smith. 


Inside The Story


About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
New call-to-action hbspt.cta.load(6064756, 'd9339708-5c78-401a-ac52-5a8c62ed8775', {"useNewLoader":"true","region":"na1"});
Chase-19-cube hbspt.cta.load(6064756, '9197683e-a04a-4904-abca-abf573166f6f', {"useNewLoader":"true","region":"na1"}); Advertisement
Wonderful-04-cube hbspt.cta.load(6064756, '97051efe-10c4-44bd-b307-547fef6f3ac7', {"useNewLoader":"true","region":"na1"});
Lev-04a-cube hbspt.cta.load(6064756, '0c2ab7d7-67a6-49aa-9c35-97cfa8479d4d', {"useNewLoader":"true","region":"na1"});