Commercial real estate lending continued to rebound in the second quarter of 2025, supported by robust activity from banks and alternative lenders, though caution persists due to government policy and economic uncertainty impacting Treasury yields, 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, rose by 45 percent year-over-year. This increase came despite a 6 percent decline from first quarter 2025 as tariff announcements and policy uncertainty weighed on borrowing conditions in April and May. The index rebounded strongly in June to close the quarter at a value of 275, well above the five-year pre-pandemic average of 229.
Commercial mortgage loan spreads widened to an average of 193 basis points in second quarter 2025, up by 10 basis points compared to t
