The January 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices from the Federal Reserve has the type of headline results for commercial real estate lending that you might expect: tighter standards and weaker demands across all CRE loan categories.

Those in the industry have reported slowing demand, higher financing costs, tightening standards, and lower leverage for months now. This is a look from the other side.

"Over the fourth quarter, major net shares of banks reported tightening standards for all types of CRE loans," the Fed wrote. "Meanwhile, major net shares of banks reported weaker demand for loans secured by nonfarm nonresidential properties and construction and land development loans, and a significant net share of banks reported weaker demand for loans secured by multifamily properties. A moderate net share of foreign banks reported tighter standards for CRE loans, while a modest net share of foreign banks reported weaker demand for such loans."