The Roundup: Top Takeaways from Oaktree’s Quarterly Letters – June 2023 Edition
The Insight by Oaktree Capital
The Viral Cycle in Commercial Real Estate Lending
We're seeing a vicious cycle in commercial real estate as deflated valuations and increased volatility in asset prices have resulted in widening bid-ask spreads. Lending activity at the beginning of 2023 has been even more muted with CMBS issuance in the first quarter of the year down by 77% year-over-year. Many direct lenders that were bullish in 2020-2021 have since become more conservative, which has created compelling opportunities for those investors with the skill, discipline, and capital to take advantage of this retreat.
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