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“Property owners, investors, and lenders continue to work through broader economic uncertainty that is affecting the space, equity, and debt markets,” Woodwell said.
Year over year, retail increased by 108%, hotels increased by 37%, multifamily increased by 24%, and industrial increased by 3%. Meanwhile, the office sector logged an 11% decrease, and health care dropped by 3%.
Among investor types, the dollar volume of loans originated for depositories skyrocketed by 102% annually, government-sponsored enterprises (GSEs – Fannie Mae and Freddie Mac) were up by 29%, and investor-driven lenders increased by 12%. Commercial Mortgage-Backed Securities (CMBS) fell 57%, and lending for life insurance company portfolios slipped by 5% in the second quarter.
Read next: Higher interest rates putting brakes on commercial real estate
“MBA is forecasting that borrowing and lending will slow during the second half of the year,” Woodwell stated. “That said, improvements in fundamentals and values in recent years provide significant support to properties with outstanding loans and continued financing opportunities for properties whose cash flows can support debt.”
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