CRE liquidity has started coming back in 2024, according to Trepp’s 2024 year-end analysis, with lenders “re-opening their spigots” after a year that might have suggested otherwise. Almost every capital source stayed on the sidelines, but no longer.
In 2023, private-label CMBS issuance was stuck at $39.3 billion off issuance. In 2024, the amount jumped nearly 165% to $104.05 — the single-largest year-over-year dollar increase since 2005 and a time when frothy markets were about to implode during the Global Financial Crisis.
The biggest force, accounting for two-thirds of CMBS issuance, in 2024 has been single-borrower transactions. These were “overwhelmingly” floating-rate loans, not fixed-rate. They reflect the expectation that the secured overnight financing rate (SOFR) will peak and decline.
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