The total amount of mortgage debt between commercial and multifamily properties was $130 billion at the end of 2023, a 2.8% increase over Q4 2022, according to the Mortgage Bankers Association.

That was a 0.9% increase, or $41.8 billion, for the non-multifamily commercial portion, reaching $4.69 trillion. Multifamily mortgage was up $25.0 billion, or 1.2%, to $2.09 trillion; year over year it grew by $88.5 billion, or 4.4%.

"The amount of commercial mortgage debt outstanding grew in the final quarter of 2023 and for the year as a whole," said Jamie Woodwell, MBA's Head of Commercial Real Estate Research, in prepared remarks. "However, the increase was among the slowest paces since the mid-2010s. Every major capital source increased its mortgage holdings during the year. Mortgage originations were down by roughly 50 percent in 2023 compared to 2022, but that meant that few loans were paying off, helping maintain portfolio sizes even in the face of lower inflows."