A Q3 review by Trepp of Federal Reserve Flow of Funds Data estimates that a $2.78 trillion set of commercial loans are coming due by 2027 — an "historic volume of mortgage maturities," according to the analysis. That includes $536.9 billion of loans in 2023 and $540.6 billion next year. 

At the same time, lenders are becoming even more skittish about financing commercial real estate, especially as Treasury yields continue to climb. 

Total volume of CRE loans held by banks declined during the first two weeks of October, according to Trepp. Most other two-week periods since 2014 have shown positive growth, the Wall Street Journal reported.  Overall, the entire commercial property debt market increased less than 1% in the second quarter – the lowest quarterly rise since the first quarter of 2014, Matthew Anderson, managing director of Trepp, told the WSJ.