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The commercial mortgage-backed securities (CMBS) delinquency rate rose 14 basis points to 4.39% in September, according to new data from Trepp LLC. This is the second-highest reading for the CMBS delinquency rate since the end of the Covid-19 pandemic.

Year over year, the overall CMBS delinquency rate is up 147 basis points. Year to date, the rate is up 135 basis points.

“The uptick in September was due to another sharp increase in the office delinquency rate,” said Manus Clancy, senior managing director and the leader of applied data, research, and pricing departments at Trepp. “All other major property types saw only modest moves.”

The office delinquency rate climbed 51 basis points to 5.58% in September while the retail delinquency rate moved up five basis points to 6.92% and the multifamily delinquency rate rose one basis point to 1.85%.

On the flip side, the industrial delinquency rate fell three basis points to 0.30% and the lodging delinquency rate was down four basis points to 5.27%.