U.S. commercial real estate lenders closed out 2025 with renewed momentum, as capital returned to the market and underwriting conditions showed incremental easing, according to CBRE Group research.
Loan originations accelerated sharply in the fourth quarter, with CBRE’s Lending Momentum Index climbing 67% from a year earlier to 1.2–roughly in line with pre-pandemic activity levels seen in 2018. The rebound was fueled in part by a 26% increase in permanent financing, with December posting the strongest monthly volume since 2021.
Borrowing…
