Commercial real estate lending plunged 56% last quarter as 'logjam' of uncertainty clogged the market

Wed, 05/10/2023 - 08:34

empty office space — A demonstrator from the Occupy movement stands in an empty unfinished office in the recently occupied building owned by banking giant UBS, in the City of London.
Reuters/Luke MacGregor

Commercial real estate lending more than halved last quarter compared to the prior year.
The MBA attributed the drop to a "logjam" of uncertainty that's freezing the market.
Demand for office and apartment buildings has faltered, and high interest rates continue to weigh on the sector.

Commercial real estate lending more than halved last quarter, thanks to the "logjam" of uncertainty that's clogging the market, the Mortgage Bankers Association said on Tuesday.