In 2023, total commercial real estate mortgage borrowing and lending was estimated at $429 billion, marking a 47 percent decline from $816 billion in 2022, and a 52 percent fall from the record high of $891 billion in 2021.
In March 2024, housing starts declined by 14.7% to a seasonally adjusted annual rate of 1.32 million units, influenced by higher-than-anticipated interest rates and persistent inflation, as reported by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Recent research from CBRE indicates that prime multifamily assets have seen a slight improvement in going-in cap rates, exit cap rates, and unlevered internal rate of return (IRR) targets in Q1, 2024.
According to the Mortgage Bankers Association's latest Commercial Delinquency Report, U.S. commercial mortgage delinquencies increased in the fourth quarter of 2023.