The U.S. CMBS delinquency rate moved sharply higher in December 2016, according to Trepp. The delinquency rate for U.S. commercial real estate loans in CMBS is now 5.23 percent, an increase of 20 basis points from November, making it the highest delinquency-rate level in 14 months.

With a cascade of loans from the 2007 vintage coming due in 2017, it is not likely the rate will go down any time in the near future, Trepp reports. Many of the stronger-performing loans from 2006 and 2007 were either defeased prior to maturity or paid off during their open period.