MIAMI—What does 2014 have in store for commercial real estate finance markets. While there are still some bumps in the road that leads to complete recovery, the signposts point increasingly to a clear path ahead. That was the upshot of the recent Commercial Real Estate Finance Council (CREFC) roundtable.

“The market outlook across all lending sectors—CMBS, banks, life insurance companies, private equity and Fannie and Freddie—continues to improve,” said CREFC president and CEO Stephen M. Renna. “Last year was a significant step forward from 2012 levels. The outlook for 2014 is equally optimistic, if not more so. The markets are gaining momentum as evidenced by the increasing number of new players entering the market flush with capital and heightened competition amongst lenders.”

Ed Glickman, executive director of the Center for Real Estate Finance at NYU Stern, said he sees relative stability in the property market for 2014: “I don't see interest rates rising rapidly, and certainly not rising to the extent that they are going to significantly impact cap rates. It's still a good opportunity for purchasing properties in 2014 because the financing rates are reasonably low and you can lock in a long-term spread.”