The CMBS market remains on fire, with a total of $58.8 billion in non-agency CMBS issuance in the first half of the year. After topping $100 billion in 2024, the market is on pace to exceed that level, with first-half activity up 33% compared to last year.

Even so, that trajectory hit a speed bump following April’s trade policy announcement, which led to a cooldown in activity. In total, Q2 volume was 43% lower than Q1. With summer typically slower for issuance, investors will be closely monitoring policy changes, Fed rate decisions, and the movement of Treasuries.

Still, based on recent history and a solid start to the year, it would not be unreasonable to expect volume to double from here, positioning 2025 to be the strongest year since the GFC.

Colliers Insight
Share this with your followers

SASB deals have been popular, accounting for 74% of activity year-to-date. Borrowers have found the CMBS market to be a viable source of debt capital, with investors gobbling up new issuance. Thirteen deals through June have hit or exceeded $1 billion, representing 37% of issuance in the first half. Blackstone has been a major CMBS borrower, refinancing numerous deals and portfolios to the tune of more than $10 billion in 2025. Office properties have also turned to CMBS as a financing source, along with multifamily borrowers, who account for 11% of year-to-date volume. This data reflects private-label deals and excludes agency transactions.