Private-label CMBS has emerged as a bright spot in the lending environment. At its current pace, CMBS issuance may top $100 billion this year, according to a Colliers report by director of capital markets research Aaron Jodka.
Issuance is on pace to top the 2013-2021 average of $84.2 billion this year after posting the weakest year since 2011. Early indicators point to strong deal flow in October, with $12.6 billion in launched or pending deals. Single-borrower deals have been the most popular, accounting for 64% of volume through Q3, according to the report.
This momentum is a long way from the heyday of 2005-2007 when annual issuance reached $230.5 billion, but the market is well on its way to exceeding the average issuance following the Great Financial Crisis, said Jodka.
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