Commercial and multifamily mortgage loan originations were 30 percent higher in the fourth quarter of 2025 compared to a year earlier, and increased 25 percent from the third quarter of 2025, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released today at the 2026 Commercial/Multifamily Finance Convention and Expo.

“The 30 percent increase in originations during the final three months of 2025 capped a much stronger year for commercial and multifamily mortgage lending, as activity for depositories increased sharply in the fourth quarter and for 2025 as a whole,” said Reggie Booker, MBA’s Associate Vice President of Commercial/Multifamily Research. “Higher origination volumes in the fourth quarter point to improving conditions in commercial mortgage markets, though activity remains uneven across property types.”

Added Booker, “2025 represented a strong rebound from 2024, as lending volumes increased across most investor categories amid greater rate stability and clearer pricing expectations.”

ORIGINATIONS INCREASE 30 PERCENT IN THE FOURTH QUARTER OF 2025

Compared to a year earlier, a rise in originations for office, multifamily, industrial, and healthcare properties led to an overall increase in commercial/multifamily lending volumes. There was a 95 percent year-over-year increase in the dollar volume of loans for office properties, a 23 percent increase for industrial properties, a 22 percent increase for multifamily properties, and a 20 percent increase for health care properties. Conversely, there was a 12 percent decrease for retail properties, and hotel property loan originations decreased 34 percent compared to the fourth quarter of 2024.

Among investor types, the dollar volume of loans originated for depositories increased by 74 percent year-over-year. There was a 46 percent increase in loans for investor-driven lenders, a 5 percent increase in commercial mortgage-backed securities (CMBS) loans, a 4 percent increase in government-sponsored enterprises (GSEs – Fannie Mae and Freddie Mac) loans, and a 1 percent increase in life insurance company loans.

FOURTH QUARTER ORIGINATIONS UP 25 PERCENT FROM THE THIRD QUARTER OF 2025

On a quarterly basis, fourth-quarter originations for industrial properties increased 29 percent compared to the third quarter 2025. There was a 17 percent increase in originations for multifamily properties, a 2 percent increase for health care properties, and a 2 percent increase for hotel properties. Originations for retail properties decreased 32 percent, and originations for office properties decreased one percent compared to the third quarter of 2025.

Among investor types, between the third and fourth quarters of 2025, the dollar volume of loans for depositories increased 54 percent, loans for life insurance companies increased 27 percent, originations for investor-driven lenders increased 21 percent, loans for CMBS increased 6 percent, and the dollar volume of loans for the GSEs was unchanged.

PRELIMINARY 2025 ORIGINATIONS 40 PERCENT HIGHER THAN 2024

A preliminary measure of commercial mortgage bankers’ originations volumes shows activity in 2025 was 40 percent higher than in 2024. By property type, mortgage bankers’ originations for office properties increased 146 percent from 2024, multifamily properties increased 36 percent, retail properties increased 27 percent, industrial properties increased 20 percent, and health care properties increased 7 percent. Hotel properties decreased 7 percent.

Among investor types, for 2025 compared to 2024, mortgage bankers' originations for depositories increased 74 percent, originations for investor-driven lenders increased 59 percent, loans for GSEs increased 27 percent, loans for life insurance companies increased 23 percent, and CMBS loans increased 8 percent.

In late March 2026, MBA will release its Annual Origination Summation report for 2025 with final origination figures for the year.

To view the report, click here.