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Connect CRE · Capital

CMBS Special Servicing Rate Climbs to New Post-2013 High

Via Connect CRE · October 15, 2026
Compiled by Real Estate Trail Editorial · October 15, 2026

Why this matters

Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. For LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.

Editorial analysis · Real Estate Trail Editorial

On the RET wire

  • Disclosed capital deal value tracked in October 2026: $7.9B across 28 reported transactions.

Computed from Real Estate Trail’s own tracked coverage

Excerpt from Connect CRE:
The Trepp CMBS special servicing overall rate rose seven basis points in September to 11.49%, its highest level since February 2013. The seven-bp increase followed a steeper 33-bp increase in August, which reversed Ju…
Read the full article at Connect CRE →

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