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SASB Deals Dominate U.S. CMBS with Market Expanding at Both Ends

The single asset, single borrower (SASB) market continues to strengthen its dominance in U.S. CMBS, expanding in scale and scope as growing complexity demand disciplined credit selectivity, Fitch Rati

SASB Deals Dominate U.S. CMBS with Market Expanding at Both Ends
Photo: Connect CRE

The single asset, single borrower (SASB) market continues to strengthen its dominance in U.S. CMBS, expanding in scale and scope as growing complexity demand disciplined credit selectivity, Fitch Ratings reported. SASB issuance reached $91.1 billion in 2025, up nearly 30% year-over-year and accounting for 72.5% of total U.S. CMBS volume, rising to approximately 78.5% through...

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