Office properties have probably received the majority of worry from CRE and financial professionals, to say nothing of investors and owners.

But Moody's Analytics CRE pointed out a bit of a shakeup in another property type: multifamily.

"We were quite surprised to see a particularly poor September showing for Multifamily in our analysis of other property types," wrote Matt Reidy, Kevin Fagan, and Twinkle Roy at Moody's Analytics. "Multifamily has had a very high payoff rate all year…. Prior to September, only February (82.8%) and April (92.8%) have payoff rates below 95%. September came in at a stunning 71.7%. This was especially surprising on the heels of 3 of the 4 best payoff months of the year."

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