A new CBRE analysis noticed signs that the real estate lending market has begun to stabilize. But don't call for a round at the bar because the current state is not something to celebrate.

"The CBRE Lending Momentum Index, which tracks the pace of CBRE-originated commercial loan closings in the U.S., declined by 3.0% from Q2 2023 and 47.9% when compared with the strong loan volume in last year's third quarter," the report said. "The index closed Q3 2023 at a value of 187."

According to the company, even as transaction volume has fallen, as many sources have noted, borrowing costs appear to have finally peaked. But that doesn't necessarily mean for every area. CBRE U.S. President of Debt & Structured Finance James Millon said in prepared remarks that "lending conditions may be stabilizing for certain asset classes," a double qualification.