The CMBS market enjoyed a strong 2021, buoyed by a high number of single-asset/single-borrower and CRE collateralized loan obligation transactions⁠—and the pace is expected to continue well into this year.

A new analysts from DBRS Morningstar predicts that despite the emergence of omicron, "continuing economic resilience in 2022 will buoy US real estate fundamentals," with the industrial and multifamily sectors poised to outperform office, retail, and hotel thanks to gaining e-commerce tailwinds and the sky-high costs of homeownership, which have eluded many would-be buyers.

"As more workers return to the office, demand for office space will improve and hotels will see higher occupancy from an increase in business travel," Morningstar's Steven Jellinek and Erin Stafford write. "More efficient use of retail space, particularly in grocery- and discount-anchored centers, as well as a modest construction pipeline, will aid the recovery."