Loan performance on securitized commercial real estate loans improved for the fifth consecutive month, with office loans faring best. But the holiday season isn’t being kind to retail.

Delinquency of at least 30 days on loans that are included in commercial mortgage-backed securities was 5.18 percent as of Nov. 30.

That turned out to be a 3-basis-point improvement from the previous month, the fifth month in a row the rate was down, and the lowest rate since January.

Trepp LLC released the performance metrics Tuesday.

“After hitting a post-crisis low in February 2016, the reading climbed steadily for more than a year as loans from the ‘bubble’ years of 2006 and 2007 reached their maturity dates and were not paid off,” the report stated. “The delinquency rate moved up 13 times in the 16 months between March 2016 and June 2017. However, the delinquency level has receded since June as bubble-year loans have passed their maturity date and been resolved.”

But the rate of late payments on securitized CRE loans was still higher than in November 2016, when CMBS delinquency stood at 5.03 percent.

Trepp reported office building CMBS delinquency at 6.50 percent, sinking from October by 42 basis points — the strongest month-over-month improvement of any property type.

A 27-basis-point tumble left 30-day delinquency on securitized multifamily loans at 2.71 percent as of the end of last month.

Industrial property CMBS delinquency fell 14 BPS from the prior month to 6.10 percent.

But not all property types saw improved performance.

Thirty-day delinquency on CMBS loans secured by lodging loans climbed 21 BPS to 3.63 percent as of the end of November.

The worst deterioration was with securitized retail property loans, with the rate soaring 32 BPS from the preceding month to 6.79 percent.