Trepp | Inside the $4.8T CRE Debt Universe

By Andy Boettcher, Head of Research, Trepp, and Rachel Szymanski, Chief Economist, Trepp

After two years of tightening credit and economic uncertainty, the commercial real estate (CRE) debt market is revealing a split across different lender types.

Using data from the Federal Reserve’s Financial Accounts of the United States (Z.1), we examine how outstanding balances are distributed across the market and the timing of future maturities. While some lenders are deploying fresh capital where they see opportunity and stability, others are selectively re-entering the debt market. This divergence tells a deeper story about how capital is positioned across the CRE ecosystem and where refinancing pressure may surface.

Read full report here.

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