The CBRE Lending Momentum Index, which tracks the pace of CBRE-originated commercial loan closings in the U.S., increased 67% year-over-year to 1.2 at the end of the fourth quarter of 2025, reaching levels comparable to 2018. The growth was driven by a 26% Y-O-Y increase in permanent loan financing, with December reaching the highest monthly level since 2021.
“We are seeing a bifurcated but increasingly healthy commercial real estate lending market,” said James Millon, president & co-head of capital markets, U.S. & Canada, for CBRE. “While we see rising delinquencies and legacy loan sales in the secondary markets, these are being easily absorbed by a deep pool of capital. Directionally, credit spreads continue to tighten, backed by a strong liquidity profile and nearly 100% market participation.”
Alternative lenders, including debt funds and mortgage REITs, led CBRE’s non-agency loan closings in Q4 2025, accounting for 40% of total volume, up from 23% a year ago. Banks held the second-largest share of non-agency loan closings at 35%, down from 43% a year ago, although bank origination volume increased 73% quarter-over-quarter. Life companies accounted for 19% of non-agency loan volume, down from 33% a year ago, while CMBS lenders represented 7% of non-agency loan volume, up from 1% a year ago.
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