Last month, Trepp looked at CMBS market shifts from 2019 to 2024 and how they interacted with economic conditions, borrower preferences, and lender strategies. Looking ahead to 2025, it said that the significant number of CMBS loan maturities this year could mean potential for issuance growth.

But a new Trepp report states that while a “substantial portion of CMBS issuance” won’t be due to CMBS maturities, refinancing will affect whether or not the market will top last year’s $108 billion total.


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