Total commercial real estate mortgage borrowing and lending reached an estimated $706 billion in 2025, marking a 40% increase from $505 billion in 2024 and a 65% rise compared with $429 billion in 2023.
The figures come from the Mortgage Bankers Association’s (MBA) 2025 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation, released in April.
According to the report, MBA’s survey tracked $606 billion in loans closed by dedicated commercial mortgage bankers in 2025 — a 48% increase over the $411 billion recorded in 2024. Additional activity from smaller and mid-sized depository institutions was estimated using supplemental data sources, bringing total market lending to the projected $706 billion.
As capital market conditions stabilized throughout 2025, commercial real estate lending experienced a significant rebound. Loan originations increased 40% year over year and climbed substantially above levels seen in the previous two years. The resurgence was driven by strong multifamily lending activity, increased participation from depository institutions, and renewed capital deployment from a broader range of lenders, signaling improved confidence across the CRE finance sector.
Despite ongoing challenges related to refinancing pressures and asset valuations, the sharp rise in lending activity demonstrates the market’s resilience and its ability to adjust to a prolonged higher-interest-rate environment.
Commercial Real Estate Lending By Property Type
Multifamily properties generated the highest lending volume among all property sectors in 2025, accounting for an estimated $413 billion in total lending activity. Of that amount, $299 billion was directly tracked through dedicated mortgage bankers. First-lien loans represented 95% of the total dollar volume closed by mortgage bankers.
Dedicated mortgage banking firms also reported closing $606 billion in CRE loans on their own balance sheets while acting as intermediaries on an additional $440 billion in transactions. In addition, firms facilitated approximately $332 billion in investment sales transactions during the year.
Source: Commercial Property Executive
