Why it matters
When the press writes about a "record CMBS delinquency rate," they are quoting Trepp. Office delinquency surged to an all-time high of 12.34% in January 2026 per Trepp. The free monthly TreppTalk blog publishes the headline figures; underlying CMBS data is subscription-only.
How CRE teams consume it
Monthly — subscribe to the TreppTalk email digest or scrape the blog RSS. Pair with Trepp Special Servicing Rate (watchlist signal) and MBA CREF Loan Performance Survey (non-CMBS).
Caveats & limitations
CMBS-only — represents ~15% of total CRE debt outstanding. Bank delinquency dynamics differ and require FDIC QBP + MBA CREF LPS.
Use cases
- Distress monitoring
- Office market timing
- CMBS investor positioning
- Watchlist construction