Commercial real estate lending conditions continued to improve in fourth quarter 2025, supported by higher loan origination volumes, increased average loan sizes, relatively stable spreads and improved loan-to-value ratios, according to the latest research from CBRE.
The CBRE Lending Momentum Index, which tracks the pace of CBRE-originated commercial loan closings in the United States, increased 67 percent year-over-year (up 0.48 points) to 1.2 at the end of fourth quarter 2025, reaching levels comparable to 2018. This growth was driven by a 26 percent year-over-year increase in permanent loan financing, with December marking the highest monthly level since 2021.
Commercial mortgage loan spreads were unchanged from third quarter 2025 at an average of 197 basis points in fourth quarter 2025, while multifamily loan spreads rose by 1 bp quarter-over-
