CRE Lending Benchmarks Diverge in Q1

Summary

The commercial real estate lending market is being pulled in two directions, according to a new NAIOP Research Foundation report based on data from Altus Group’s first-quarter 2026 survey of CRE borrowers and lenders.

Although Treasury yields rose modestly, pushing fixed-rate all-in costs higher for borrowers, conversely the Secured Overnight Financing Rate continued its descent, providing meaningful relief...