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CRE Lending Activity Reaches Highest Level in Five Years
Commercial real estate lending activity improved further in the first quarter of 2026 to its highest level in five years, supported by increased average loan sizes, more non-agency loans and relatively stable spreads and improved loan-to-value ratios, according to the CBRE Lending Momentum Index. The Index rose to 1.5 at the end of Q1, up from 1.2 in Q4 2025 and 0.3 a year earlier. The average loan size increased 14% year-over-year in Q1.
“We continue to see a more disciplined, yet increasingly healthy commercial real estate lending environment,” said CBRE’s James Millon, president & co-head of Capital Markets, U.S. & Canada. “Rising acquisition activity is driving meaningful price and value discovery, while fresh equity is helping rebalance lender and securitized portfolios.”
The CBRE Lending Momentum Index tracks the pace of CBRE‑originated commercial loan closings in the U.S. over a 36‑month period. Higher readings signal stronger lending momentum and improved sentiment.
- ◦Financing
