The number of new commercial mortgages plummeted 47% last year

• Mortgage originations in commercial real estate fell 47% through 2023, Mortgage Bankers Association said.
• Every sector experienced a pullback, with healthcare and office properties leading the decline.
• The industry is undergoing low confidence as high interest rates raise borrowing costs.

Mortgage originations for commercial properties dropped 47% in 2023, the Mortgage Bankers Association reported.