The overall delinquency rate declined this month and continued a streak of downward movement since its peak in June 2020. The month-over-month improvement compared to the prior period is attributed to the lodging sector. Hotel properties continue to be a primary source distressed commercial real estate with the highest overall delinquency rate by property type; however, delinquencies in the sector continue to be resolved throughout the summer months, in turn bringing down the overall delinquency rate. The Cleveland, OH lodging market is an example month-over-month delinquency improvement, second-highest this month, despite nearly half of its lodging inventory still considered distressed. Markets with the highest month-over-month increases in delinquency for lodging properties included Birmingham, AL, Baltimore, MD and Los Angeles, CA. Implications from emerging concerns about the Delta variant of COVID-19 remain to be seen as select markets revert back to certain restrictions that may adversely impact commercial real estate collateral.
CRED iQ monitors market performance for nearly 400 MSAs across the United States. Below is a summary of the default rates for the 50 largest metros segmented by property type. For these 50 MSAs, the highest delinquency rate was in Minneapolis, followed by Louisville and Cleveland. The San Francisco market saw the largest month-over-month increase in delinquency, although the spike was isolated to the 3,221-unit Parkmerced multifamily community. Accounting for the outlier, Louisville had the next highest increase in delinquency compared to the prior month. Sacramento, CA and Allentown, PA both reported the lowest delinquency rate among the Top 50 MSAs. The most significant month over-month decline in delinquency was in the Tucson market, which has seen volatile fluctuations in delinquency rates throughout the year.
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By property type, the hotel and retail sectors remain the largest contributors to the delinquency percentages for the majority of these statistical areas. Loans backed by self-storage, multifamily, and industrial facilities posted the lowest delinquency rates for most of these markets.
Delinquent & Specially Serviced Loans by MSA and Property Type
| MSA – Property Type | DQ/SS (millions) | DQ/SS (%) | Monthly Change |
|---|---|---|---|
| Allentown-Bethlehem-Easton, PA-NJ MSA | $19.5 | 0.6% | -0.01% |
| Allentown – Hotel | $0.0 | 0.0% | 0.00% |
| Allentown – Industrial | $0.0 | 0.0% | 0.00% |
| Allentown – Multifamily | $0.0 | 0.0% | 0.00% |
| Allentown – Office | $0.0 | 0.0% | 0.00% |
| Allentown – Other | $0.0 | 0.0% | 0.00% |
| Allentown – Retail | $19.5 | 5.1% | 0.00% |
| Allentown – Self Storage | $0.0 | 0.0% | 0.00% |
| Atlanta – Atlanta-Sandy Springs-Marietta, GA MSA | $749.1 | 3.1% | -0.18% |
| Atlanta – Hotel | $248.1 | 13.0% | -0.55% |
| Atlanta – Industrial | $0.0 | 0.0% | 0.00% |
| Atlanta – Multifamily | $1.6 | 0.0% | 0.00% |
| Atlanta – Office | $34.1 | 1.2% | 0.03% |
| Atlanta – Other | $0.0 | 0.0% | 0.00% |
| Atlanta – Retail | $465.3 | 17.1% | -1.42% |
| Atlanta – Self Storage | $0.0 | 0.0% | 0.00% |
| Austin – Austin-Round Rock, TX MSA | $527.7 | 5.4% | -0.36% |
| Austin – Hotel | $419.4 | 44.7% | -2.88% |
| Austin – Industrial | $0.0 | 0.0% | 0.00% |
| Austin – Multifamily | $0.0 | 0.0% | 0.00% |
| Austin – Office | $0.0 | 0.0% | 0.00% |
| Austin – Other | $0.0 | 0.0% | 0.00% |
| Austin – Retail | $105.8 | 12.3% | 1.60% |
| Austin – Self Storage | $2.5 | 2.1% | 2.10% |
| Baltimore – Baltimore-Towson, MD MSA | $458.8 | 4.7% | 0.13% |
| Baltimore – Hotel | $145.1 | 30.7% | 2.61% |
| Baltimore – Industrial | $0.0 | 0.0% | 0.00% |
| Baltimore – Multifamily | $2.2 | 0.0% | 0.00% |
| Baltimore – Office | $16.9 | 2.7% | 0.27% |
| Baltimore – Other | $0.0 | 0.0% | 0.00% |
| Baltimore – Retail | $294.6 | 26.5% | -0.15% |
| Baltimore – Self Storage | $0.0 | 0.0% | 0.00% |
| Birmingham – Birmingham-Hoover, AL MSA | $45.7 | 1.8% | -0.64% |
| Birmingham – Hotel | $22.7 | 21.4% | 3.47% |
| Birmingham – Industrial | $0.0 | 0.0% | 0.00% |
| Birmingham – Multifamily | $0.0 | 0.0% | 0.00% |
| Birmingham – Office | $0.0 | 0.0% | -4.94% |
| Birmingham – Other | $0.0 | 0.0% | 0.00% |
| Birmingham – Retail | $23.0 | 3.2% | -0.02% |
| Birmingham – Self Storage | $0.0 | 0.0% | 0.00% |
| Boston – Boston-Cambridge-Quincy, MA-NH MSA | $390.1 | 2.2% | -0.03% |
| Boston – Hotel | $98.7 | 12.8% | -0.13% |
| Boston – Industrial | $0.0 | 0.0% | 0.00% |
| Boston – Multifamily | $0.0 | 0.0% | 0.00% |
| Boston – Office | $0.0 | 0.0% | 0.00% |
| Boston – Other | $0.0 | 0.0% | 0.00% |
| Boston – Retail | $291.3 | 14.7% | -0.57% |
| Boston – Self Storage | $0.0 | 0.0% | 0.00% |
| Bridgeport – Bridgeport-Stamford-Norwalk, CT MSA | $263.9 | 6.6% | -0.75% |
| Bridgeport – Hotel | $63.8 | 51.3% | -24.04% |
| Bridgeport – Industrial | $17.8 | 12.9% | 0.00% |
| Bridgeport – Multifamily | $0.0 | 0.0% | 0.00% |
| Bridgeport – Office | $135.7 | 11.0% | -1.21% |
| Bridgeport – Other | $23.6 | 5.8% | -0.98% |
| Bridgeport – Retail | $22.9 | 6.4% | 0.00% |
| Bridgeport – Self Storage | $0.0 | 0.0% | 0.00% |
| Charlotte – Charlotte-Gastonia-Concord, NC-SC MSA | $354.5 | 4.2% | -0.10% |
| Charlotte – Hotel | $139.5 | 9.1% | -0.37% |
| Charlotte – Industrial | $0.0 | 0.0% | 0.00% |
| Charlotte – Multifamily | $0.0 | 0.0% | 0.00% |
| Charlotte – Office | $21.3 | 2.5% | -0.10% |
| Charlotte – Other | $85.0 | 23.3% | 0.29% |
| Charlotte – Retail | $108.7 | 7.8% | -0.84% |
| Charlotte – Self Storage | $0.0 | 0.0% | 0.00% |
| Chicago – Chicago-Naperville-Joliet, IL-IN-WI MSA | $2,111.6 | 7.8% | 0.00% |
| Chicago – Hotel | $1,117.1 | 49.3% | -1.19% |
| Chicago – Industrial | $4.2 | 0.2% | 0.00% |
| Chicago – Multifamily | $122.4 | 1.3% | -0.10% |
| Chicago – Office | $400.1 | 5.5% | 0.47% |
| Chicago – Other | $117.9 | 5.8% | -0.14% |
| Chicago – Retail | $349.9 | 9.9% | 0.01% |
| Chicago – Self Storage | $0.0 | 0.0% | 0.00% |
| Cincinnati – Cincinnati-Middletown, OH-KY-IN MSA | $317.2 | 8.5% | -0.23% |
| Cincinnati – Hotel | $141.4 | 46.3% | -0.42% |
| Cincinnati – Industrial | $0.0 | 0.0% | 0.00% |
| Cincinnati – Multifamily | $0.0 | 0.0% | 0.00% |
| Cincinnati – Office | $11.6 | 2.4% | -0.14% |
| Cincinnati – Other | $15.8 | 5.1% | -0.64% |
| Cincinnati – Retail | $147.6 | 20.7% | -0.04% |
| Cincinnati – Self Storage | $1.0 | 1.6% | 1.57% |
| Cleveland – Cleveland-Elyria-Mentor, OH MSA | $575.7 | 13.6% | 1.02% |
| Cleveland – Hotel | $113.9 | 49.6% | -9.48% |
| Cleveland – Industrial | $0.0 | 0.0% | 0.00% |
| Cleveland – Multifamily | $0.0 | 0.0% | 0.00% |
| Cleveland – Office | $105.5 | 12.6% | 5.29% |
| Cleveland – Other | $161.9 | 36.7% | 3.53% |
| Cleveland – Retail | $194.4 | 20.2% | -0.21% |
| Cleveland – Self Storage | $0.0 | 0.0% | 0.00% |
| Columbus, OH – Columbus, OH MSA | $235.8 | 3.9% | 0.12% |
| Columbus, OH – Hotel | $84.8 | 26.5% | 0.22% |
| Columbus, OH – Industrial | $0.0 | 0.0% | 0.00% |
| Columbus, OH – Multifamily | $4.3 | 0.1% | 0.00% |
| Columbus, OH – Office | $8.1 | 1.5% | 0.00% |
| Columbus, OH – Other | $0.0 | 0.0% | 0.00% |
| Columbus, OH – Retail | $128.3 | 14.9% | -1.83% |
| Columbus, OH – Self Storage | $10.4 | 17.8% | 17.84% |
| Dallas – Dallas-Fort Worth-Arlington, TX MSA | $1,000.1 | 3.0% | 0.08% |
| Dallas – Hotel | $460.8 | 12.7% | 0.21% |
| Dallas – Industrial | $1.7 | 0.1% | 0.00% |
| Dallas – Multifamily | $47.7 | 0.2% | 0.24% |
| Dallas – Office | $154.4 | 4.2% | -0.13% |
| Dallas – Other | $23.9 | 1.6% | -0.02% |
| Dallas – Retail | $300.3 | 11.5% | -1.19% |
| Dallas – Self Storage | $11.2 | 2.1% | 2.13% |
| Denver – Denver-Aurora, CO MSA | $339.4 | 2.0% | 0.04% |
| Denver – Hotel | $43.4 | 5.0% | -0.21% |
| Denver – Industrial | $0.0 | 0.0% | 0.00% |
| Denver – Multifamily | $0.0 | 0.0% | 0.00% |
| Denver – Office | $194.7 | 9.5% | 0.33% |
| Denver – Other | $7.0 | 1.2% | -0.20% |
| Denver – Retail | $91.2 | 5.9% | -0.01% |
| Denver – Self Storage | $3.1 | 1.8% | 1.80% |
| Detroit – Detroit-Warren-Livonia, MI MSA | $575.5 | 6.4% | -0.08% |
| Detroit – Hotel | $316.9 | 41.6% | -0.08% |
| Detroit – Industrial | $40.6 | 7.5% | -0.06% |
| Detroit – Multifamily | $18.5 | 0.6% | 0.00% |
| Detroit – Office | $0.0 | 0.0% | 0.00% |
| Detroit – Other | $22.5 | 3.4% | -0.09% |
| Detroit – Retail | $177.0 | 10.2% | -0.18% |
| Detroit – Self Storage | $0.0 | 0.0% | 0.00% |
| Hartford – Hartford-West Hartford-East Hartford, CT MSA | $227.6 | 9.3% | -0.07% |
| Hartford – Hotel | $95.9 | 64.2% | -0.07% |
| Hartford – Industrial | $0.0 | 0.0% | 0.00% |
| Hartford – Multifamily | $11.1 | 0.8% | -0.01% |
| Hartford – Office | $87.6 | 22.2% | 0.02% |
| Hartford – Other | $1.2 | 0.5% | -0.01% |
| Hartford – Retail | $31.8 | 13.0% | -0.23% |
| Hartford – Self Storage | $0.0 | 0.0% | 0.00% |
| Houston – Houston-Sugar Land-Baytown, TX MSA | $1,522.1 | 6.1% | 0.02% |
| Houston – Hotel | $715.9 | 60.0% | -0.02% |
| Houston – Industrial | $6.6 | 1.0% | -0.06% |
| Houston – Multifamily | $105.8 | 0.8% | -0.04% |
| Houston – Office | $525.7 | 14.3% | -0.37% |
| Houston – Other | $32.4 | 3.9% | -0.30% |
| Houston – Retail | $107.6 | 2.8% | -0.05% |
| Houston – Self Storage | $28.2 | 5.6% | 5.61% |
| Indianapolis – Indianapolis-Carmel, IN MSA | $402.5 | 8.8% | 0.57% |
| Indianapolis – Hotel | $169.5 | 26.6% | -1.40% |
| Indianapolis – Industrial | $0.0 | 0.0% | 0.00% |
| Indianapolis – Multifamily | $97.2 | 4.7% | 1.53% |
| Indianapolis – Office | $72.6 | 11.2% | -0.01% |
| Indianapolis – Other | $9.8 | 4.8% | 0.00% |
| Indianapolis – Retail | $49.4 | 9.2% | 0.05% |
| Indianapolis – Self Storage | $4.0 | 5.2% | 1.74% |
| Jacksonville – Jacksonville, FL MSA | $77.3 | 1.5% | -0.04% |
| Jacksonville – Hotel | $48.2 | 11.1% | -0.27% |
| Jacksonville – Industrial | $0.0 | 0.0% | 0.00% |
| Jacksonville – Multifamily | $20.0 | 0.6% | 0.00% |
| Jacksonville – Office | $0.0 | 0.0% | 0.00% |
| Jacksonville – Other | $0.0 | 0.0% | 0.00% |
| Jacksonville – Retail | $9.1 | 2.1% | 0.00% |
| Jacksonville – Self Storage | $0.0 | 0.0% | 0.00% |
| Kansas City – Kansas City, MO-KS MSA | $199.7 | 4.2% | -0.31% |
| Kansas City – Hotel | $150.7 | 47.7% | -3.88% |
| Kansas City – Industrial | $0.0 | 0.0% | 0.00% |
| Kansas City – Multifamily | $7.6 | 0.3% | 0.00% |
| Kansas City – Office | $0.0 | 0.0% | 0.00% |
| Kansas City – Other | $2.8 | 2.1% | -0.42% |
| Kansas City – Retail | $37.0 | 5.8% | -2.27% |
| Kansas City – Self Storage | $1.6 | 0.8% | 0.76% |
| Las Vegas – Las Vegas-Paradise, NV MSA | $387.2 | 1.9% | -0.08% |
| Las Vegas – Hotel | $18.3 | 0.3% | -0.01% |
| Las Vegas – Industrial | $0.0 | 0.0% | 0.00% |
| Las Vegas – Multifamily | $0.0 | 0.0% | 0.00% |
| Las Vegas – Office | $10.2 | 1.6% | -0.09% |
| Las Vegas – Other | $0.0 | 0.0% | 0.00% |
| Las Vegas – Retail | $356.0 | 7.3% | -0.36% |
| Las Vegas – Self Storage | $2.6 | 1.3% | 1.31% |
| Los Angeles – Los Angeles-Long Beach-Santa Ana, CA MSA | $2,422.0 | 4.9% | 0.29% |
| Los Angeles – Hotel | $1,055.0 | 24.9% | 2.82% |
| Los Angeles – Industrial | $2.0 | 0.2% | -0.01% |
| Los Angeles – Multifamily | $125.4 | 0.6% | -0.01% |
| Los Angeles – Office | $375.1 | 3.1% | -0.01% |
| Los Angeles – Other | $212.0 | 6.4% | 0.02% |
| Los Angeles – Retail | $652.4 | 9.3% | 0.29% |
| Los Angeles – Self Storage | $0.0 | 0.0% | 0.00% |
| Louisville – Louisville/Jefferson County, KY-IN MSA | $633.7 | 20.3% | 2.33% |
| Louisville – Hotel | $243.0 | 54.1% | -0.55% |
| Louisville – Industrial | $0.0 | 0.0% | 0.00% |
| Louisville – Multifamily | $3.8 | 0.3% | 0.00% |
| Louisville – Office | $0.0 | 0.0% | 0.00% |
| Louisville – Other | $0.0 | 0.0% | 0.00% |
| Louisville – Retail | $386.9 | 59.0% | 10.97% |
| Louisville – Self Storage | $0.0 | 0.0% | 0.00% |
| Memphis – Memphis, TN-AR-MS MSA | $200.3 | 8.1% | 0.05% |
| Memphis – Hotel | $56.4 | 27.3% | -2.19% |
| Memphis – Industrial | $0.0 | 0.0% | 0.00% |
| Memphis – Multifamily | $17.8 | 1.7% | 0.07% |
| Memphis – Office | $43.3 | 11.4% | 0.65% |
| Memphis – Other | $18.4 | 31.9% | -3.76% |
| Memphis – Retail | $62.8 | 15.3% | -0.62% |
| Memphis – Self Storage | $1.6 | 1.0% | 1.00% |
| Miami – Miami-Fort Lauderdale-Pompano Beach, FL MSA | $913.8 | 4.2% | 0.30% |
| Miami – Hotel | $359.0 | 7.8% | -0.04% |
| Miami – Industrial | $0.0 | 0.0% | 0.00% |
| Miami – Multifamily | $8.5 | 0.1% | 0.02% |
| Miami – Office | $26.4 | 1.3% | -0.06% |
| Miami – Other | $71.0 | 4.8% | 4.14% |
| Miami – Retail | $448.8 | 9.1% | -0.20% |
| Miami – Self Storage | $0.0 | 0.0% | 0.00% |
| Milwaukee – Milwaukee-Waukesha-West Allis, WI MSA | $255.8 | 10.5% | -0.11% |
| Milwaukee – Hotel | $35.7 | 23.1% | -0.01% |
| Milwaukee – Industrial | $0.0 | 0.0% | 0.00% |
| Milwaukee – Multifamily | $0.0 | 0.0% | 0.00% |
| Milwaukee – Office | $66.5 | 11.6% | -1.58% |
| Milwaukee – Other | $0.0 | 0.0% | 0.00% |
| Milwaukee – Retail | $153.5 | 29.9% | 0.78% |
| Milwaukee – Self Storage | $0.0 | 0.0% | 0.00% |
| Minneapolis – Minneapolis-St. Paul-Bloomington, MN-WI MSA | $1,943.7 | 23.3% | -0.57% |
| Minneapolis – Hotel | $332.6 | 52.3% | -0.23% |
| Minneapolis – Industrial | $15.1 | 5.4% | -1.73% |
| Minneapolis – Multifamily | $0.0 | 0.0% | -0.19% |
| Minneapolis – Office | $152.5 | 7.4% | -0.47% |
| Minneapolis – Other | $11.7 | 2.8% | 1.67% |
| Minneapolis – Retail | $1,431.8 | 69.8% | 0.03% |
| Minneapolis – Self Storage | $0.0 | 0.0% | 0.00% |
| Nashville – Nashville-Davidson-Murfreesboro-Franklin, TN MSA | $356.6 | 5.7% | 0.56% |
| Nashville – Hotel | $344.5 | 24.7% | 2.20% |
| Nashville – Industrial | $0.0 | 0.0% | 0.00% |
| Nashville – Multifamily | $0.0 | 0.0% | 0.00% |
| Nashville – Office | $0.0 | 0.0% | 0.00% |
| Nashville – Other | $0.0 | 0.0% | 0.00% |
| Nashville – Retail | $12.1 | 1.6% | 0.30% |
| Nashville – Self Storage | $0.0 | 0.0% | 0.00% |
| New Orleans – New Orleans-Metairie-Kenner, LA MSA | $452.9 | 13.3% | -1.52% |
| New Orleans – Hotel | $416.6 | 38.5% | -3.55% |
| New Orleans – Industrial | $0.0 | 0.0% | 0.00% |
| New Orleans – Multifamily | $13.4 | 1.7% | 0.02% |
| New Orleans – Office | $0.0 | 0.0% | 0.00% |
| New Orleans – Other | $0.0 | 0.0% | 0.00% |
| New Orleans – Retail | $22.9 | 2.9% | -0.24% |
| New Orleans – Self Storage | $0.0 | 0.0% | 0.00% |
| New York City – New York-Northern New Jersey-Long Island, NY-NJ-PA MSA | $6,299.6 | 5.1% | -0.49% |
| New York City – Hotel | $1,872.1 | 50.1% | 0.26% |
| New York City – Industrial | $7.5 | 0.4% | 0.00% |
| New York City – Multifamily | $457.9 | 1.1% | -0.19% |
| New York City – Office | $547.5 | 1.3% | -1.37% |
| New York City – Other | $1,587.8 | 7.5% | 0.35% |
| New York City – Retail | $1,826.8 | 12.8% | -0.43% |
| New York City – Self Storage | $0.0 | 0.0% | 0.00% |
| Orlando – Orlando-Kissimmee, FL MSA | $555.2 | 4.7% | -0.37% |
| Orlando – Hotel | $243.3 | 8.4% | -4.30% |
| Orlando – Industrial | $0.0 | 0.0% | 0.00% |
| Orlando – Multifamily | $25.5 | 0.4% | 0.00% |
| Orlando – Office | $47.1 | 9.6% | -0.01% |
| Orlando – Other | $0.0 | 0.0% | 0.00% |
| Orlando – Retail | $239.4 | 22.5% | -2.04% |
| Orlando – Self Storage | $0.0 | 0.0% | 0.00% |
| Philadelphia – Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA | $970.5 | 5.1% | -0.58% |
| Philadelphia – Hotel | $350.4 | 28.9% | -2.44% |
| Philadelphia – Industrial | $0.0 | 0.0% | 0.00% |
| Philadelphia – Multifamily | $118.7 | 1.3% | -0.13% |
| Philadelphia – Office | $47.3 | 1.1% | -0.09% |
| Philadelphia – Other | $79.4 | 5.8% | -0.17% |
| Philadelphia – Retail | $374.6 | 14.2% | -1.76% |
| Philadelphia – Self Storage | $0.0 | 0.0% | 0.00% |
| Phoenix – Phoenix-Mesa-Scottsdale, AZ MSA | $631.5 | 3.2% | 0.63% |
| Phoenix – Hotel | $89.9 | 5.4% | -0.60% |
| Phoenix – Industrial | $10.2 | 1.9% | -0.07% |
| Phoenix – Multifamily | $0.0 | 0.0% | 0.00% |
| Phoenix – Office | $53.6 | 2.4% | 1.24% |
| Phoenix – Other | $180.5 | 23.6% | -0.42% |
| Phoenix – Retail | $297.3 | 7.5% | 0.88% |
| Phoenix – Self Storage | $0.0 | 0.0% | 0.00% |
| Pittsburgh – Pittsburgh, PA MSA | $212.1 | 4.5% | -0.07% |
| Pittsburgh – Hotel | $150.4 | 48.9% | 0.32% |
| Pittsburgh – Industrial | $0.0 | 0.0% | 0.00% |
| Pittsburgh – Multifamily | $0.0 | 0.0% | 0.00% |
| Pittsburgh – Office | $0.0 | 0.0% | 0.00% |
| Pittsburgh – Other | $8.1 | 2.0% | 0.24% |
| Pittsburgh – Retail | $53.6 | 7.1% | -0.87% |
| Pittsburgh – Self Storage | $0.0 | 0.0% | 0.00% |
| Portland – Portland-Vancouver-Beaverton, OR-WA MSA | $548.9 | 8.3% | -0.84% |
| Portland – Hotel | $537.1 | 60.9% | -0.57% |
| Portland – Industrial | $0.0 | 0.0% | -3.26% |
| Portland – Multifamily | $10.2 | 0.2% | -0.27% |
| Portland – Office | $1.6 | 0.5% | 0.49% |
| Portland – Other | $0.0 | 0.0% | 0.00% |
| Portland – Retail | $0.0 | 0.0% | -3.23% |
| Portland – Self Storage | $0.0 | 0.0% | 0.00% |
| Raleigh – Raleigh-Cary, NC MSA | $175.8 | 4.2% | 0.22% |
| Raleigh – Hotel | $121.2 | 26.9% | 0.00% |
| Raleigh – Industrial | $0.0 | 0.0% | 0.00% |
| Raleigh – Multifamily | $0.0 | 0.0% | 0.00% |
| Raleigh – Office | $12.7 | 4.0% | 0.00% |
| Raleigh – Other | $0.0 | 0.0% | 0.00% |
| Raleigh – Retail | $41.8 | 9.4% | 1.66% |
| Raleigh – Self Storage | $0.0 | 0.0% | 0.00% |
| Richmond – Richmond, VA MSA | $151.9 | 4.4% | 0.25% |
| Richmond – Hotel | $50.7 | 17.5% | 0.00% |
| Richmond – Industrial | $6.9 | 5.0% | -0.15% |
| Richmond – Multifamily | $9.7 | 0.6% | 0.56% |
| Richmond – Office | $0.0 | 0.0% | 0.00% |
| Richmond – Other | $0.0 | 0.0% | 0.00% |
| Richmond – Retail | $84.5 | 15.2% | 0.11% |
| Richmond – Self Storage | $0.0 | 0.0% | 0.00% |
| Riverside – Riverside-San Bernardino-Ontario, CA MSA | $405.8 | 4.5% | -0.01% |
| Riverside – Hotel | $94.7 | 19.1% | 0.33% |
| Riverside – Industrial | $0.0 | 0.0% | 0.00% |
| Riverside – Multifamily | $4.5 | 0.1% | -0.04% |
| Riverside – Office | $0.0 | 0.0% | 0.00% |
| Riverside – Other | $0.0 | 0.0% | 0.00% |
| Riverside – Retail | $306.6 | 13.6% | 0.34% |
| Riverside – Self Storage | $0.0 | 0.0% | 0.00% |
| Sacramento – Sacramento-Arden-Arcade-Roseville, CA MSA | $31.3 | 0.6% | -0.02% |
| Sacramento – Hotel | $6.3 | 1.7% | 0.00% |
| Sacramento – Industrial | $0.0 | 0.0% | 0.00% |
| Sacramento – Multifamily | $0.0 | 0.0% | 0.00% |
| Sacramento – Office | $6.1 | 1.0% | -0.20% |
| Sacramento – Other | $0.0 | 0.0% | 0.00% |
| Sacramento – Retail | $18.9 | 2.4% | 0.00% |
| Sacramento – Self Storage | $0.0 | 0.0% | 0.00% |
| Salt Lake City – Salt Lake City, UT MSA | $196.3 | 5.3% | 0.15% |
| Salt Lake City – Hotel | $47.7 | 15.3% | -0.03% |
| Salt Lake City – Industrial | $0.0 | 0.0% | 0.00% |
| Salt Lake City – Multifamily | $0.0 | 0.0% | 0.00% |
| Salt Lake City – Office | $9.2 | 1.8% | -0.18% |
| Salt Lake City – Other | $0.0 | 0.0% | 0.00% |
| Salt Lake City – Retail | $139.4 | 29.8% | 5.31% |
| Salt Lake City – Self Storage | $0.0 | 0.0% | 0.00% |
| San Antonio – San Antonio, TX MSA | $181.0 | 2.9% | 0.11% |
| San Antonio – Hotel | $26.2 | 7.5% | 1.45% |
| San Antonio – Industrial | $0.0 | 0.0% | 0.00% |
| San Antonio – Multifamily | $8.2 | 0.2% | 0.00% |
| San Antonio – Office | $0.0 | 0.0% | 0.00% |
| San Antonio – Other | $0.4 | 0.5% | -0.07% |
| San Antonio – Retail | $144.8 | 16.3% | -0.13% |
| San Antonio – Self Storage | $1.4 | 0.9% | 0.88% |
| San Diego – San Diego-Carlsbad-San Marcos, CA MSA | $670.2 | 6.1% | 0.12% |
| San Diego – Hotel | $528.1 | 24.9% | 0.71% |
| San Diego – Industrial | $0.0 | 0.0% | 0.00% |
| San Diego – Multifamily | $0.0 | 0.0% | 0.00% |
| San Diego – Office | $0.0 | 0.0% | 0.00% |
| San Diego – Other | $20.9 | 3.3% | -0.01% |
| San Diego – Retail | $121.3 | 10.1% | 0.14% |
| San Diego – Self Storage | $0.0 | 0.0% | 0.00% |
| San Francisco – San Francisco-Oakland-Fremont, CA MSA | $1,152.2 | 5.2% | 3.64% |
| San Francisco – Hotel | $203.7 | 8.6% | 0.00% |
| San Francisco – Industrial | $0.0 | 0.0% | 0.00% |
| San Francisco – Multifamily | $851.2 | 11.8% | 11.41% |
| San Francisco – Office | $18.9 | 0.2% | -0.01% |
| San Francisco – Other | $30.6 | 1.7% | -0.01% |
| San Francisco – Retail | $47.8 | 3.6% | -0.03% |
| San Francisco – Self Storage | $0.0 | 0.0% | 0.00% |
| San Jose – San Jose-Sunnyvale-Santa Clara, CA MSA | $171.4 | 1.2% | 0.07% |
| San Jose – Hotel | $156.7 | 7.6% | 0.10% |
| San Jose – Industrial | $0.0 | 0.0% | 0.00% |
| San Jose – Multifamily | $0.0 | 0.0% | 0.00% |
| San Jose – Office | $14.7 | 0.2% | 0.23% |
| San Jose – Other | $0.0 | 0.0% | 0.00% |
| San Jose – Retail | $0.0 | 0.0% | 0.00% |
| San Jose – Self Storage | $0.0 | 0.0% | 0.00% |
| Seattle – Seattle-Tacoma-Bellevue, WA MSA | $244.5 | 1.5% | -0.24% |
| Seattle – Hotel | $237.7 | 17.5% | -2.87% |
| Seattle – Industrial | $0.0 | 0.0% | 0.00% |
| Seattle – Multifamily | $0.0 | 0.0% | 0.00% |
| Seattle – Office | $0.0 | 0.0% | -0.03% |
| Seattle – Other | $0.0 | 0.0% | 0.00% |
| Seattle – Retail | $6.8 | 0.4% | -0.18% |
| Seattle – Self Storage | $0.0 | 0.0% | 0.00% |
| St. Louis – St. Louis, MO-IL MSA | $412.5 | 9.4% | -0.06% |
| St. Louis – Hotel | $58.7 | 20.6% | -0.02% |
| St. Louis – Industrial | $0.0 | 0.0% | 0.00% |
| St. Louis – Multifamily | $20.1 | 1.2% | 0.00% |
| St. Louis – Office | $107.6 | 19.1% | -0.08% |
| St. Louis – Other | $24.7 | 4.9% | -0.04% |
| St. Louis – Retail | $201.4 | 19.5% | -0.40% |
| St. Louis – Self Storage | $0.0 | 0.0% | 0.00% |
| Tampa – Tampa-St. Petersburg-Clearwater, FL | $414.8 | 4.2% | 0.07% |
| Tampa – Hotel | $75.0 | 6.3% | -0.08% |
| Tampa – Industrial | $0.0 | 0.0% | 0.00% |
| Tampa – Multifamily | $34.8 | 0.6% | 0.00% |
| Tampa – Office | $24.1 | 4.1% | -0.36% |
| Tampa – Other | $0.0 | 0.0% | 0.00% |
| Tampa – Retail | $281.0 | 20.5% | -5.71% |
| Tampa – Self Storage | $0.0 | 0.0% | 0.00% |
| Tucson – Tucson, AZ MSA | $268.8 | 7.4% | -1.94% |
| Tucson – Hotel | $1.4 | 0.4% | 0.00% |
| Tucson – Industrial | $0.0 | 0.0% | 0.00% |
| Tucson – Multifamily | $0.0 | 0.0% | 0.00% |
| Tucson – Office | $0.0 | 0.0% | 0.00% |
| Tucson – Other | $0.0 | 0.0% | 0.00% |
| Tucson – Retail | $267.4 | 18.3% | -20.98% |
| Tucson – Self Storage | $0.0 | 0.0% | 0.00% |
| Virginia Beach – Virginia Beach-Norfolk-Newport News, VA-NC MSA | $260.9 | 5.9% | 0.01% |
| Virginia Beach – Hotel | $38.7 | 8.2% | 1.11% |
| Virginia Beach – Industrial | $21.2 | 13.1% | -0.93% |
| Virginia Beach – Multifamily | $0.0 | 0.0% | 0.00% |
| Virginia Beach – Office | $12.7 | 3.1% | -0.40% |
| Virginia Beach – Other | $0.0 | 0.0% | 0.00% |
| Virginia Beach – Retail | $179.5 | 19.6% | -0.28% |
| Virginia Beach – Self Storage | $8.8 | 9.6% | 0.00% |
| Washington – Washington-Arlington-Alexandria, DC-VA-MD-WV MSA | $927.7 | 3.3% | -0.15% |
| Washington – Hotel | $59.3 | 5.3% | -3.16% |
| Washington – Industrial | $0.0 | 0.0% | 0.00% |
| Washington – Multifamily | $4.5 | 0.0% | 0.00% |
| Washington – Office | $442.5 | 7.0% | -0.07% |
| Washington – Other | $249.7 | 12.0% | -0.92% |
| Washington – Retail | $171.7 | 5.4% | -0.14% |
| Washington – Self Storage | $0.0 | 0.0% | 0.00% |
| Grand Total – Top 50 MSAs | $32,842.5 | 4.9% | 0.02% |
