NEW YORK CITY—It's a confluence of positive trends in CMBS.Along with increased issuance, there are a continuing decline inthe delinquency rate and fewer loans transferring to specialservicing. Fitch Ratings expects the latter trend in particular tocontinue into 2016.

Through October of this year, the ratings agency saw $4.3billion of Fitch-rated CMBS transactions head to the specialservicer's. That's on pace to come in well below the $6.8 billionthat transferred in both 2014 and 2013.

Along with the dollar volume, the average loan size going intospecial servicing has also trended downward. Through mid-October,the average size of the 383 CMBS loans transferring into specialservicing was $11.3 million, with the majority under $10 million,as had been the trend the past two years.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.