The Trepp CMBS Delinquency rate dipped slightly in March, led by a significant improvement in the retail CMBS delinquency rate and, interestingly, a 5 basis point uptick in the office delinquency rate. The overall delinquency rate declined 4 basis points to 4.67%, with the retail delinquency rate posting a 47-basis point drop to 5.56%.

"This comes even as the outstanding balance of retail loans has remained relatively flat, indicating resilience in issuance amid softening performance," wrote Trepp's Thomas Taylor.

The office delinquency rate declined to 6.58%.

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