Commercial real estate lending is picking up again after a difficult stretch for the debt markets, with new data pointing to a meaningful rebound late last year.
Commercial mortgage originations rose 30% year-over-year in the fourth quarter of 2025, according to Mortgage Bankers Association researchers. Reggie Booker, the MBA’s associate VP of commercial/multifamily research, said banks were the primary driver of the jump, logging a 74% increase in originations compared with 2024.
Booker noted that lending grew across most major property types and capital sources, with especially strong gains in office, retail and hotels. He also said the mix of lenders is shifting: with relatively few near-term maturities among GSEs and life insurance companies, banks, CMBS and other lenders are capturing a larger share of new originations. Booker added that there are early signs the much-discussed commercial mortgage “maturity wall” may be starting to ease.
He also highlighted the industry’s largest commercial mortgage servicers, led by Trimont with $680 billion in master and primary servicing. Other top firms include PNC Real Estate/Midland Loan Services ($568 billion), KeyBank National Association ($468 billion), CBRE Loan Services ($458 billion) and Berkadia Commercial Mortgage LLC ($436 billion).
Judith Ricks, the MBA’s associate VP of commercial real estate research, said origination volume built momentum throughout 2025. By property type, she pointed to sharp year-over-year increases in office lending (up 85%) and retail (up 65%).
Ricks emphasized that the recovery isn’t uniform. “The CRE market is really a story of submarkets,” she said, citing wide variation by property type, capital source and region. She added that mortgage debt outstanding continued to rise across all capital sources, extending a long-running growth trend.
The improved lending environment is also being supported by steadier pricing. Ricks said property values have generally stabilized across property types, giving borrowers and lenders more certainty—while opportunities still exist for groups willing to search for them.
Source: GlobeSt.