MSCI lately has been exploring commercial real estate debt in some ways different from up-and-down judgments like there is not debt available or the debt market is going to explode. The firm's overall capital trends analysis for August 2023 looked more deeply at the current complexity of debt financing and the state of CRE debt, including borrowing costs, capital flows, pool of lenders, and seller financing.

Another topic they examined is lender composition during the first half of 2023. Understanding lender composition is important in CRE strategic planning because it helps you identify both sources that have a greater likelihood of interest in a given property type and also alternative sources you might not have previously considered.

"The turmoil in the banking sector early in 2023 has made the market for commercial property lending more dependent on the stable financing from the GSEs," MSCI wrote. "These lenders were behind 26% of all originations for H1 2023, a jump from the 19% share in 2022. This increase was not a story of the importance of the apartment sector to the overall market. In the apartment sector itself, the GSEs climbed to a 58% share of the market, up from 38% in 2022."