CRE Exchange: Commercial Real Estate, Property Valuations, Real Estate Analytics and Property Tax Q3 CRE earnings: Trends across lenders, REITs and brokers
Nov 13, 2025
This discussion dives into trends across commercial real estate, highlighting a cautious reopening of credit among lenders. Retail REITs are thriving with high occupancy rates, while the office sector is grappling with post-pandemic leasing challenges. Industrial REITs see signs of demand stabilization, and multifamily markets show resilience despite looming supply issues. There's buzz around data centers driven by AI needs, and brokerages report strong leasing activity as capital flows back into CRE, indicating a measured recovery and growing optimism.
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Careful Reopening Of CRE Credit
- CRE credit markets are reopening but lenders remain conservative in underwriting.
- Banks and non-bank lenders prefer quality deals, passing on many opportunities despite rising origination pipelines.
Necessity Retail Outperforming With Record Occupancy
- Necessity retail (grocery and convenience) sees demand far outstripping new supply, driving record occupancy.
- REITs are redeploying capital into higher-yield retenanting instead of ground-up development.
Office Recovery Is Highly Bifurcated
- Office demand is consolidating into modern, well-located assets, creating a sharp bifurcation in performance.
- Limited new supply and signed pipelines should lift NOI and occupancy into 2026 for top-tier buildings.