Market Intelligence
Monitor bank appetite, underwriting standards, rates, and terms
Debt availability strengthened in Q1 2026 even with the Fed holding. Lenders are competing for quality NNN collateral. Conduit, agency multifamily, and bridge loans are pricing at different levels. The surge is lenders rebuilding balance sheets after the caution of 2023-2024, not a rush caused by cheaper rates. That distinction matters for a borrower timing an acquisition.
The 2025 inflation resurgence ended expectations for continued rate cuts. By July 2026, CPI was still above the Fed's target. Three FOMC members dissented in favor of hikes at the July meeting. Commercial mortgage quotes still span a wide range, from agency and SBA programs at the low end to bridge loans at the high end. Borrowers locking a fixed rate now are hedging against further hikes in the second half of 2026.
CMBS delinquencies improved in Q2 2026 after a weaker first quarter, the first quarterly improvement in four quarters. Office and lodging remain the most stressed sectors. Industrial and healthcare delinquencies decreased. New issuance is returning for investment-grade pools, but underwriting is still tighter than it was before 2022. Non-recourse conduit financing is available again for creditworthy net-lease deals.
Corporate sale-leaseback volume is rising as tenants lock in capital ahead of potentially higher borrowing costs. First-quarter 2026 commercial volume ran ahead of the five-year average. Net lease volume stayed steady through the first half of 2026, supported by institutional demand. Approvals are moving, and a typical close still takes a couple of months.
Lending terms move with the Treasury and fed funds prints in the ticker. This page does not quote a current loan rate, CPI rate, or leverage average unless that figure is stored with a source and date. The net lease cap rate shown elsewhere on the site is the Boulder Group Q2 2026 survey.
Data and analysis on this page are for informational purposes only and do not constitute investment, financial, or tax advice. Figures may be estimated from publicly available sources and should be verified with primary data providers (CoStar, MSCI RCA, CBRE, FRED) before use in investment decisions. Past performance does not guarantee future results.