Commercial mortgage-backed securities (CMBS) delinquency rates rose in November after it experienced a substantial drop the previous month, according to a new report.

The report, released by Waltham-based Investcap Advisors LLC – which provides surveillance data on commercial loan and real estate performance – showed that November’s rate reached 8.81 percent, a 0.31 percent increase over October’s rate. The November increase was a result of fewer commercial loans being transferred to special servicers that month, culminating in a 16.7 percent decrease over October’s activity.

"October’s lower activity was driven primarily by a resolution to the large extended stay portfolio, which we consider an anomaly," said Scott Barrie, managing director of Investcap Advisors.

CMBS delinquencies are driven by high concentrations in the multi-family, office and retail sectors, according to a statement. The delinquency ratios are led by lodging at 15.2 percent and multi-family at 14.1 percent. Retail ratio for delinquency is 7.5 percent; for office it’s 6.8 percent; and industrial stands at 6.2 percent.

"We can expect to see continued volatility in the data in coming months as future economic conditions remain uncertain," said Barrie.