Total commercial real estate mortgage borrowing and lending is estimated to have totaled $706 billion in 2025.
According to data from the Mortgage Bankers Association, last year’s total marked a 40% increase from the $505 billion in 2024 and a 65% spike from the $429 billion in 2023.
MBA’s survey tracked $606 billion of loans closed by dedicated commercial mortgage bankers in 2025, up by 48% from 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.
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% of the mortgage bankers’ dollar volume closed.
“As capital markets conditions stabilized in 2025, there was a meaningful rebound in commercial real estate lending activity, with originations increasing 40% 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.”
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