COVID-19 and Distress in CMBS markets (An Update)

Analysis by Dr. Victor Calanog et al.

In early June, Moody’s Analytics and CWCapital published a paper that provided a sense of where and how distress was manifesting in CMBS markets.

Given how the COVID-19 crisis has persisted (and arguably become even worse), we provide an update in this paper on the worst affected property types and geographic markets—and offer our thoughts on how conditions in the CRE debt markets will likely evolve through the rest of the year.

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Victor Calanog, PhD CRE® is the Head of CRE Economics at Moody’s Analytics REIS. He and his team of economists and analysts are responsible for the firm’s market forecasting, valuation, and real estate portfolio analytics services. He holds a PhD in Applied Economics and Management Science, trained by a dissertation committee composed of faculty from the Wharton School of the University of Pennsylvania and Harvard Business School.


Looking for additional insights? Explore our interactive COVID-19 map to analyze the potential impact on commercial real estate markets.


You may also find our website dedicated to COVID-19 to be helpful during this time. Visit for our latest research and views on the credit and economic impact of COVID-19. This site brings together insights from across Moody’s to help you better understand the financial implications of the outbreak.