--- title: "Trepp's Q3 Data Review on Commercial Real Estate Offers 9 Articles" url: https://burnaze.com/article/107b99ed-6553-4658-a65c-e779c9422ff9 source: "Franchising.com" original_url: https://www.franchising.com/articles/trepps_q3_data_review_on_commercial_real_estate_offers_9_articles.html author: "Eddy Goldberg" category: "Real estate" industry: "Business Services" segment: "Real estate" published: 2022-11-17T09:00:00.000Z modified: 2026-11-01T01:07:45.680Z image: https://imgs.franchising.com/art/articles/7190_plate.jpg --- # Trepp's Q3 Data Review on Commercial Real Estate Offers 9 Articles **TL;DR:** Trepp's Q3 Data Review provides insights into commercial real estate trends and challenges, including a decline in CMBS delinquency volume and a plunge in CMBS issuance. The review highlights the impact of inflation, rising U.S. Treasury rates, and other economic factors on the commercial real estate market. *By Eddy Goldberg, originally published in Franchising.com on 2022-11-17. [Read the original](https://www.franchising.com/articles/trepps_q3_data_review_on_commercial_real_estate_offers_9_articles.html).* ## Story One good way to keep current with commercial real estate trends is Trepp’s Quarterly Data Review. The 28-page Fall Review (Q3) edition contains 9 articles, listed below with brief descriptions of each directly from the report. To read or download the full articles, click here. **Choppy 3rd Quarter Leaves Uncertainty for Economy, Commercial Real Estate** Inflation, rising U.S. Treasury rates, and a U. K. budget proposal that called for unfunded tax cuts highlighted a chaotic third quarter. The fourth quarter may prove just as tumultuous. **CMBS Delinquency Volume Continues to Decline, But Not Evenly** The volume of loans that are more than 30 days late with their payments dropped in September to $17.86 billion, nearly 38% less than a year ago and nearly 60% less than December 2020. **CMBS Loans with Low Coverage Face Greater Risk of Loss as Rates Climb** At least 160 office and retail loans securitized through CMBS conduit deals mature through the end of 2023 and have DSCRs of less than 1. 0x. They’ll likely suffer losses. **KKR Tops Ranking of CMBS Conduit B-Piece Buyers, Risk Retainers Through September** KKR Real Estate Credit Opportunity bought the B-pieces of four CMBS conduit deals totaling $3. 49 billion through September. It also took down the most junior classes of two conduit deals. **CMBS Special Servicing Volume Increases for Second Month in a Row** The volume had inched up in September to $30. 33 billion, from $29.91 billion the previous month, according to Trepp. But it remains down sharply from $52. 95 billion at the end of 2020. **CMBS Loan Resolutions Suffer 47.32% of Losses** A total of 10,947 CMBS loans with a balance of $125. 86 billion have been resolved with losses since 2010. They’ve suffered $59.56 billion of losses, for a 47. 32% loss severity. **CMBS Issuance in 3Q Plunges 35% to $13.3 Billion** A total of $13. 3 billion of deals priced during the third quarter, down from the $21.68 billion that priced a year earlier. So far this year, issuance was $63. 28 billion, 6.7% lower than last year’s volume. **Life Cos.’ Commercial Mortgage Returns Stay in Negative Territory** Commercial mortgages held by life insurance companies generated a negative 3.55% return during the second quarter, putting the Trepp LifeComps Total Return Index at a negative 8.26% return for the year. **Apartment Property Cash Flow Increased Unevenly in 2021** Apartment properties backing CMBS loans saw a 1.76% overall increase in net cash flow between 2021 and 2020. But that increase was minimized by the cash-flow declines in a handful of states with large urban areas. ## Entities - Franchising.com (publication) - Eddy Goldberg (person) - Real Estate (sector) - commercial real estate (topic) - KKR (investor) - economic trends (topic) - cmbs delinquency (topic) - Trepp (company) - cmbs issuance (topic) --- Originally reported by Eddy Goldberg, Franchising.com (https://www.franchising.com/articles/trepps_q3_data_review_on_commercial_real_estate_offers_9_articles.html). Summarized by Burnaze (https://burnaze.com/article/107b99ed-6553-4658-a65c-e779c9422ff9).