COVID-19 and Distress in CMBS markets

Analysis by Dr. Victor Calanog et al.

With distress in debt markets for multifamily and commercial real estate unfolding at a much faster pace, given the dynamics of the COVID-19 crisis – distress still appears to be following a specific pattern for particular property types.

For this paper, Moody’s Analytics collaborated with CWCapital to delve into what the situation is like for a special server such as CWCapital : What trade-offs and decisions do they have to make given the kind of relief requests they have been receiving? And, will distress become more widespread given the expected duration and depth of this downturn, or will some property types or geographic markets emerge relatively unscathed?

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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.