A split market: Commercial real estate lending trends from Q1 2026
14 May 2026
From a 24% quarter-over-quarter rebound in lender quotes to the diverging paths of floating and fixed rate borrowers, the episode offers a data-driven read from Andrew Pabon, Director of Debt Advisory at Altus Group, on where the debt market stands today. Andrew and the CRE Exchange team also dig into the maturity wall, multifamily delinquencies hitting new highs, the lender mix leaning toward debt funds, and what the private credit stress story might mean for private credit in commercial real estate going forward.
Resources mentioned
US Debt Capital Markets Survey
Key moments
01:10 SLOOS signals
02:39 Earnings call takeaways
04:35 Andrew joins in
06:30 Split market outlook
10:12 Benchmark rollercoaster
13:47 Spreads and liquidity
17:06 Collateral by property type
19:57 Maturity wall risks
24:22 Changes in lender mix
25:21 Macro crosscurrents
28:38 Private credit stress
31:01 Survey invitation
Your guest and hosts
Andrew Pabon
Director Global Advisory
Altus Group
Omar Eltorai
Senior Director of Research
Altus Group
Cole Perry
Associate Director of Research
Altus Group
Resources
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Disclaimer
This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice or services of Altus Group, its affiliates and its related entities (collectively “Altus Group”). You should not act upon the information contained in this publication without obtaining specific professional advice.
A number of factors may influence the performance of the commercial real estate market, including regulatory conditions and economic factors such as interest rate fluctuations, inflation, changing investor sentiment, and shifts in tenant demand or occupancy trends. We strongly recommend that you consult with a qualified professional to assess how these and other market dynamics may impact your investment strategy, underwriting assumptions, asset valuations, and overall portfolio performance.
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