NEW YORK CITY-Newly defaulted office CMBS isthe driver of a 30-basis-point increase in the cumulative defaultrate for conduit securitized loans, Fitch Ratingssaid Friday. The CDX for the $569 billion of fixed-rate CMBS issuedbetween 1993 and today was 13.5% as of Sept. 30, according to thelocally based ratings agency, with office loans comprising $1.4billion of the $2.2 billion in newly delinquent CMBS during thethird quarter and more than 50% of the year-to-date total.

The quarter-over-quarter increase was five bps higher than theuptick between Q1 and Q2 of this year. However, the YTD rise hasfallen short of bearing out Fitch’s projections at the start of2012, when the firm forecast a CDX of 14.5% by year’s end.

Three of the newly delinquent loans in Q3 were greater than $100million. They included the $678-million loan on One Skyline Tower,a 26-story office tower in Baileys Crossroads, VA secured by BACM2007-1, JPM 2007-LDP10 and GE 2007-C1; Colony IV Portfolio B, a$171-million office/industrial portfolio in six states securitizedvia JPM 2006-LDP9; and Koger Center, a St. Petersburg, FL officeproperty backing a $116-million loan through CSMC 2007-C1.