(Reuters) – Late payments on U.S. commercial property loans rose in November, driven by growing distress among office properties, according to a new report by Kroll Bond Rating Agency.
The delinquency rate on U.S. commercial mortgage-backed securities (CMBS) reached 4.4% in November, climbing 19 basis points (bps) from October’s 4.21%, according to a Tuesday report by KBRA.
The trend is a reminder of the continued challenges facing property owners, which have struggled to keep up with interest payments and refinance their loans in an elevated rate environment.
While loan distress on other property types such as retail and lodging have declined, those backed by offices climbed 116 bps to 8.84% in November.
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