U.S. commercial real estate lending accelerated in the third quarter of 2025 as calmer interest-rate conditions and narrowing credit spreads helped close the pricing gap that has stalled investment activity for much of the past two years.
Commercial and multifamily mortgage lending gained strong momentum in the third quarter of 2025, as property values stabilized and refinancing activity accelerated across several asset classes.
The real estate industry is entering a pivotal year in 2026 of reinvention as technology, demographics, and capital markets forces converge, according to PwC and the Urban Land Institute's newly released Emerging Trends in Real Estate 2026 report.
Delinquency rates on commercial real estate loans fell in the third quarter of 2025, marking a modest rebound after a surge in the prior quarter, according to the Mortgage Bankers Association's latest Commercial Real Estate Finance (CREF) Loan Performance Survey.