The origination volume for bank CRE loans in the first quarter of 2021 was $5.1 billion, a number that represents the lowest level of loan originations in the past year.
According to data from Trepp, the origination volume in the first quarter was less than half the average volume in 2019, prior to the pandemic. The 2019 output was largely comprised of the multifamily and the industrial sectors, which accounted for 72% and 66% of the 2019 output, respectively. Meanwhile, the lodging and office property types originated 10% and 33% of their output during that time.
In contrast, the second half of last year was better than the first quarter of this year, posting 57% of the volume seen in 2019.
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