The Mid-Year 2026: Green Lights Across CRE Finance

The document is a letter from the editor of Trepp and Commercial Real Estate Direct's 2026 mid-year magazine covering commercial real estate finance and CMBS markets, reporting that CMBS issuance reached nearly $52 billion through mid-May 2026 (up 16% year-over-year), CRE CLO issuance totaled $21.61 billion (up 60% year-over-year), and lenders have increased lending against multifamily properties and office buildings despite acknowledged risks including inflation and geopolitical concerns. The editor notes that while CMBS delinquencies have increased month-to-month, overall special servicing volumes remain stable and market conditions are stabilizing, though investors and lenders continue to move cautiously.