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The delinquency rate for commercial mortgage-backed securities (CMBS) as measured by Trepp Inc. remained unchanged in April at 3.09%.

Year-over-year, the Trepp CMBS Delinquency Rate is down 42 basis points; year to date, the rate is up 5 basis points.

“Declines in the retail, lodging, and multifamily rates offset a small increase in industrial loans and a bigger increase for offices,” said Manus Clancy, senior managing director at Trepp. “Office remains the most heavily watched part of the market as firms look to aggressively reduce space. Sublease space is at or near record highs in many markets as demand from big tech firms has eroded sharply. In addition, many companies are letting leases expire or are renewing for smaller footprints.”

As a prominent example, Clancy cited Microsoft’s announcement from last week to offer up several hundred thousand square feet of office space in Seattle.

“The tech bellwether has already announced plans to relinquish more than two million square feet in that city,” Clancy added.