EP70 - Inside the CRE securitization market: Trends, risks and optimism ahead
24 Jul 2025
Despite elevated distress levels and refinancing risks, investor appetite for CMBS and CRE-CLOs remained strong through the first half of 2025. Andrew Foster, Senior Director of Business Development at KBRA, talks to us about what’s happening in the US CRE securitization market, and covers a wide range of topics from CMBS issuance trends to sector performance and the rise of private credit. For lenders and borrowers navigating today’s capital markets, Andrew offers practical insights into what’s changing, why it matters, and how to prepare for the quarters ahead.
Resources Mentioned:
Key moments
02:02 Understanding KBRA and Andrew's role
03:45 Current market trends and issuance
06:40 Investor appetite and market dynamics
08:41 Private capital and non-bank lending
10:52 Regulatory and policy changes
15:07 Future outlook and optimism in CRE finance
17:42 Data centers and AI in CRE financing
21:11 The importance of CMBS
22:31 Diversity in CRE leadership
23:23 Closing remarks and follow-up
Your hosts
Andrew Foster
Senior Director of Business Development
KBRA
Omar Eltorai
Director of Research
Resources
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