Investment & Lending Activity Rise | Q1 2025 U.S. Capital Markets Figures

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CBRE
Figures
  | 
Capital Markets | Q1 2025
Investment & Lending Activity Rise
CBRE RESEARCH
 | 
MAY 2025
$88.4 B
Total Investment
Volume1
$4.3 B
Cross-Border
Inflow
2.7%
NCREIF One-Year
Return
143
RCA Commercial
Property Price Index
Arrows indicate change in growth rate from the same quarter in the previous year.
1 Based on MSCI Real Assets transactional database, which includes entity-level and
excludes development site transactions and confidential deals.
292
Lending Momentum Index
59.9%
Commercial LTV
64.5%
Multifamily LTV
6.9%
Average Loan Constant
10.3%
Average Debt Yield
Arrows indicate change in growth rate from the previous quarter.

Executive Summary

  • Commercial real estate investment volume increased by 14% year-over-year in Q1 to $88 billion.
     
  • The CBRE Lending Momentum Index increased by 13% quarter-over-quarter and 90% year-over-year in Q1, buoyed by increased financing amounts.
     
  • Private investors were the biggest buyers, accounting for $51 billion of Q1 investment volume, followed by institutional investors with $20 billion.
     
  • Inbound cross-border investment increased by 7% year-over-year in Q1 to $4 billion, led by the industrial sector.
     
  • Banks were the biggest non-agency lenders, accounting for 34% of Q1 loan closings, followed by CMBS (26%) and life companies (21%).
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