Total issuance of CMBS reached roughly $125.6 billion in 2025, up about 21% from the prior year and the highest annual volume since before the financial crisis.

More than half of the roughly $100 billion of commercial real-estate loans packaged into securities and coming due this year are unlikely to repay at maturity. That compares with a maturity payoff rate of about 75% in 2024 and 2025 and more than 80% in 2023.

The delinquency rate for office loans in commercial mortgage-backed securities climbed to a record 12.34% in January, the highest level since 2000.

The delinquency rate for office loans in CMBS climbed to a record 12.34% in January, the highest level since at least 2000. More than half of the $100 billion of commercial real-estate loans packaged into securities and coming due this year are unlikely to repay at maturity.

Home sales fell 8.4% in January, the biggest monthly decline since February 2022, after snowstorms and low consumer confidence slowed a housing market that was showing signs of recovery. Sales of existing homes fell from the prior month to a seasonally adjusted annual rate of 3.91 million. The decline came after sales rose three of the previous four months.

Home builders are proposing new policies to the White House to address the largest housing inventory surplus in 15 years. The industry faces challenges with unsold homes because of high prices and interest rates, and potential labor and building-materials inflation.

Nearly two-thirds of home buyers last year purchased at a discount to the original listing price, the highest proportion since 2019.

Higher interest rates, steeper material prices and a tight labor force provide significant headwinds to new construction this year. Spending to build offices, hotels, apartment buildings and warehouses is projected to fall in 2026. But data centers, sought by large tech companies to run artificial-intelligence platforms, are a bright spot with spending forecast to increase 23%.

Wall Street’s presence in the housing market expanded after the subprime mortgage crisis exploded in 2007. But institutional investors have never owned more than a small slice of the overall housing market: around 2% to 3%.

The rate of multifamily rent growth was flat in 2025 compared to the year before. Though rent growth strengthened in the first part of the year, those gains were erased by weaker performance at the end of the year.