Commercial and multifamily lending rose 16% in the second quarter.

On August 6, the Mortgage Bankers Association reported that commercial and multifamily mortgage originations rose 16% year over year in the second quarter of 2026. MBA’s Reggie Booker pointed to improving capital markets and stronger transaction activity. Office lending rose on both an annual and quarterly basis — a notable change for a sector that has spent years under pressure.

The mix matters. Year over year, loan volume was up 61% for retail, 47% for office, 19% for hotels, 8% for multifamily, and 6% for industrial. Health care originations fell 19%. On the capital-source side, CMBS volume jumped 68% and bank/depository loans rose 61%, while GSE and life-company originations declined.

That thaw sits next to a still-heavy maturity wall. Legal and market commentary earlier this year put hundreds of billions of CRE loans on the 2026 calendar, with office CMBS delinquency still elevated compared with the last cycle. Private credit has filled some of the gap where traditional lenders pulled back.

What this means if you own or operate a property

If you have been waiting for “the market to reopen,” Q2 is evidence that more capital is clearing — especially for retail, industrial, multifamily, and selected office stories with a real business plan. It is not evidence that every deal will clear at 2021 terms.

Bring a clean package: rent roll or operating statements, a defined use of proceeds, and a refinance or hold thesis. Bridge and construction conversations still need a take-out path. Owner-users should also look at SBA options when the building is occupied by the operating company.

What this means for operating businesses

Working capital and equipment financing remain a separate conversation from long-term CRE debt. If receivables or inventory are growing faster than cash, an asset-based facility or line of credit is usually the right first call — not a property refinance you do not need.

Sources: Mortgage Bankers Association Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations (Aug. 6, 2026); industry CRE maturity and CMBS commentary, 2026.