CRE Loan Spreads Tighten Across Property Types as the 2026 Refinancing Window Widens

Commercial real estate loan spreads compressed between 12 and 18 basis points over the trailing twelve months through Q1 2026, with multifamily leading the tightening at 18 basis points and industrial lagging at 12 basis points, while office spreads remained an outlier at 220 basis points compared to 154 basis points for multifamily as of March 31, 2026. The tightening, driven by moderating Treasury volatility and renewed conduit issuance in Q1 2026, has created more constructive refinancing conditions for borrowers facing 2026 maturities, with 10-year life company quotes narrowing to approximately 170 basis points at 50–65 percent LTV and office continuing to price wider due to elevated distress and rollover risk concerns.