This is one of those times that CRE finance can seem like a spaghetti western from Sergio Leone, only without the snappy score.

A recent Trepp research paper examined bank CRE loan performance in the last quarter of 2024. It was a good, bad, and kind of an in-between theme. Specifically, it included rising originations, mounting office challenges, and a mixed outlook for multifamily.

Trepp analyzed trends in its anonymized set of loan-level data. It comprises bank balance sheet loan data covering a “diverse set of loans totaling about $190 billion sourced from multiple banks.” As they use a dynamic dataset, participants can change and alter reported figures between quarters. Given the description, this could well not be representative of national bank lending. But it does offer a look at a relatively coherent segment at a level often not available in analyses, given the loan-level and not institution-level nature of the data.

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