The coronavirus pandemic spawned sharp increases in loan delinquencies in the commercial-mortgage backed securities market last month, but stayed below previous record highs.

The CMBS delinquency rate on loans backing these securities hit 10.32% in June, a 317 basis point increase from May, according to new Trepp Analytics data.

That is a 748 basis point rise from a year ago, when the CMBS delinquency rate was 2.84%.

The dramatic spike had Trepp analysts worried there could be a new record for delinquencies.

"At one point in June, it appeared that a new all-time high for CMBS delinquencies would be reached," Trepp wrote in its latest report. "However, when the final numbers were posted, the 2012 high [10.34%] remains the peak for the time being."

The June CMBS delinquency rate from Trepp is composed of 5% of loans that are 30 days delinquent and another 4.2% that are 60 days past due, Trepp said.

"The numbers could be headed still higher in July," Trepp said. "That's because 4.1% of loans by balance missed the June payment but remained less than 30 days delinquent."

The lodging and retail sectors make up a large part of the loans that are more than 30 days past due. Retail recorded an 18.07% CMBS delinquency rate in June, up from 10.14%, or 788 basis points higher than a month earlier.

Lodging grew from a 19.13% delinquency rate in May to 24.3% in June, a 522 basis point increase.

The assets seeing less change in terms of delinquencies include office, multifamily and industrial, which reported delinquency rates of 2.66%, 3.29% and 1.57%, respectively, for June.

Industrial delinquencies even fell from 1.82% in May to 1.57% in the most recent Trepp report.