Manus Clancy of Trepp Clancy sees a likelihood of the downward trend in delinquencies continuing this year.

NEW YORK CITY—The delinquency rate for CMBS fell to 4.89% in December, its lowest reading in 15 months, Trepp LLC said Wednesday. The 29-basis point drop was the largest in about two years, and also represented the sixth consecutive monthly decline in late-pays for CMBS.