Commercial and multifamily mortgage loan originations were up 30% in the fourth quarter of 2025 compared to a year earlier, and rose 25% from the third quarter of 2025,according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
“The 30% increase in originations during the final three months of 2025 capped a much stronger year for commercial and multifamily mortgage lending, as activity for depositories increased sharply in the fourth quarter and for 2025 as a whole,” said Reggie Booker, MBA’s Associate Vice President of Commercial/Multifamily Research. “Higher origination volumes in the fourth quarter point to improving conditions in commercial mortgage markets, though activity remains uneven across property types.”
Booker added: “2025 represented a strong rebound from 2024, as lending volumes increased across most investor categories amid greater rate stability and clearer pricing expectations.”
According to the report, compared to a year earlier, a rise in originations for office, multifamily, industrial, and healthcare properties led to an overall rise in commercial/multifamily lending volumes.
Loan Originations for Retail Properties Fell
MBA said that there was a 95% year-over-year increase in the dollar volume of loans for office properties, a 23% increase for industrial properties, a 22% increase for multifamily properties, and a 20% increase for healthcare properties.
Conversely, it said that there was a 12% decrease for retail properties, and hotel property loan originations decreased 34% compared to the fourth quarter of 2024.
Among investor types, MBA said that the dollar volume of loans originated for depositories increased by 74% year-over-year.
There was a 46% rise in loans for investor-driven lenders, a 5% increase in commercial mortgage-backed securities (CMBS) loans, a 4% increase in government-sponsored enterprises (GSEs – Fannie Mae and Freddie Mac) loans, and a 1% increase in life insurance company loans, MBA reported.
Industrial Properties Rose
MBA said that on a quarterly basis, fourth-quarter originations for industrial properties rose 29% compared to the third quarter 2025. There was a 17% increase in originations for multifamily properties, a 2% increase for healthcare properties, and a 2% increase for hotel properties. Originations for retail properties fell 32%, and originations for office properties decreased 1% compared to the third quarter of 2025.
Among investor types, between the third and fourth quarters of 2025, MBA said the dollar volume of loans for depositories rose 54%, loans for life insurance companies increased 27%, originations for investor-driven lenders increased 21%, loans for CMBS increased 6%, and the dollar volume of loans for the GSEs was unchanged.
MBA said that the preliminary measure of commercial mortgage bankers’ originations volumes showing activity in 2025 was 40% higher than in 2024. By property type, mortgage bankers’ originations for office properties rose 146% from 2024, multifamily properties increased 36%, retail properties increased 27%, industrial properties increased 20%, and healthcare properties increased 7%. Hotel properties decreased 7%, MBA reported.
Among investor types, for 2025 compared to 2024, mortgage bankers’ originations for depositories increased 74%, originations for investor-driven lenders increased 59%, loans for GSEs increased 27%, loans for life insurance companies increased 23%, and CMBS loans increased 8%, MBA said.
