- Total commercial real estate (CRE) mortgage borrowing and lending reached $498B in 2024, up 16% from 2023 but still 39% below 2022 levels.
- Multifamily lending dominated the market, accounting for $326B of total lending volume.
- Dedicated mortgage bankers originated $411B in loans, a 34% increase from 2023, showing resilience despite broader market headwinds.
A Rebound Year for CRE Lending
After a turbulent 2023, the commercial real estate lending market showed signs of recovery in 2024, according to the Mortgage Bankers Association (MBA). Total borrowing and lending grew to $498B, up from $429B the prior year. While the figure remains well below the record $816B in 2022, it suggests that the market may be stabilizing.
Much of this growth was powered by multifamily lending, which accounted for the largest share of originations at $326B, with $219B directly tracked by mortgage bankers.
Mortgage Bankers Stepped Up
MBA’s annual survey found that dedicated commercial mortgage bankers closed $411B in loans in 2024, a 34% year-over-year rise. These firms also facilitated $303B as intermediaries and handled $247B in investment sales transactions.
Reggie Booker, MBA’s Associate VP of Commercial Real Estate Research, noted the importance of mortgage maturities ahead: “With an estimated $957B in CRE mortgage maturities coming due in 2025, refinancing demand and access to new capital will heavily influence market performance.”
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Who’s Lending?
Depositories topped the list of capital sources in 2024, followed by:
- Life insurance companies and pension funds
- Private-label commercial mortgage-backed securities (CMBS)
- Fannie Mae and Freddie Mac
- Investor-driven lenders
Why It Matters
The 2024 rebound shows signs of improving confidence in commercial real estate finance after a period of interest rate volatility and market uncertainty. With nearly $1 trillion in loans maturing this year, lenders and borrowers alike are preparing for an active 2025.
