Total commercial real estate (CRE) mortgage borrowing and lending is estimated to have totaled $706 billion in 2025, a 40 percent increase from the $505 billion in 2024, and a 65 percent increase from $429 billion in 2023. This is according to the Mortgage Bankers Association’s (MBA) 2025 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation.
MBA’s survey tracked $606 billion of loans closed by dedicated commercial mortgage bankers in 2025 - 48 percent more than the $411 billion reported in 2024. Activity from smaller and mid-sized depositories is estimated from other data sources to arrive at the $706 billion estimate for the total market.
“As capital markets conditions stabilized in 2025, there was a meaningful rebound in commercial real estate lending activity, with originations increasing 40 percent from 2024 and rising sharply from the prior two years,” said Reggie Booker, MBA’s Associate Vice President of Commercial Research. “The strength in multifamily originations, combined with increased lending from depositories and a return of capital from other lender groups, reflects growing confidence across the commercial real estate finance market. While challenges remain, particularly around refinancing and asset valuations, the significant pickup in activity underscores the market’s ability to adapt to a higher-rate environment.”
Among different property types, multifamily properties saw the highest volume last year, with an estimated $413 billion of total lending and $299 billion directly tracked by dedicated mortgage bankers. First liens accounted for 95 percent of the mortgage bankers’ dollar volume closed.
Dedicated mortgage banking firms reported closing $606 billion of CRE loans in their own names and serving as intermediaries on $440 billion. Firms reported serving as investment sales brokers for $332 billion of deals.
Depositories were the leading capital source for CRE mortgage debt, followed by government-sponsored enterprises (Fannie Mae and Freddie Mac), private label CMBS, life insurance companies and pension funds, investor-driven lenders, and FHA/Ginnie Mae.
For a copy of the report, please visit MBA's Online Store at: https://www.mba.org/news-and-research/research-and-economics/commercial-multifamily-research/annual-origination-volume-summation.