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**CRE Loan Closings Surge 67% Year-Over-Year in Q4 2025**
The CBRE Lending Momentum Index, a key measure of U.S. commercial lending activity based on CBRE-originated loan closings, jumped 67% year-over-year in the fourth quarter of 2025. The index reached a level of 1.2—its highest point since 2018—driven primarily by a 26% increase in permanent loan financing. December 2025 alone marked the strongest monthly performance since 2021.
“We are seeing a bifurcated but increasingly healthy commercial real estate lending market,” said James Millon, President and Co-Head of Capital Markets, U.S. & Canada at 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 non-agency loan closings for CBRE in Q4 2025, accounting for 40% of total volume. This is a substantial increase from 23% during the same period in the prior year. Banks followed with the second-largest share at 35%, down from 43% a year ago, although their origination volume rose 73% from the previous quarter. Life insurers accounted for 19% of non-agency loan volume, a drop from 33% a year prior, while CMBS lenders represented 7%, up from just 1% in the previous year.
The findings underscore a rebound in commercial real estate lending, signaling renewed investor confidence and liquidity in the market.
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