Chart of the Week: Commercial Real Estate Loan Maturity Volumes
Source: Mortgage Bankers Association Commercial Real Estate Survey of Loan Maturity Volumes
Seventeen percent ($875 billion) of the $5.0 trillion of outstanding commercial mortgages held by lenders and investors is scheduled to mature in 2026, a 9 percent decrease from the $957 billion that was scheduled to mature in 2025. This is according to the Mortgage Bankers Association’s 2025 Commercial Real Estate Survey of Loan Maturity Volumes.
Commercial mortgage rates remain well above the lows seen during the pandemic period, meaning that borrowers seeking to refinance maturing debt continue to face high borrowing costs. This environment has pushed many loans that might otherwise have been refinanced into extensions or modifications, contributing to a larger volume of debt rolling into 2025 and 2026 than previously expected. Recent industry data indicate that total commercial mortgage maturities for 2025 came in roughly 3 percent higher than earlier forecasts, and a meaningful pipeline of 2026 maturities remains to be addressed.
MBA’s latest report on commercial mortgage maturity volumes showed that loan maturities vary significantly depending on investor and property type groups. Among loans backed by hotel/motel properties, 30 percent will come due in 2026, as will 23 percent of industrial property loans and 17 percent of office property loans. Thirteen percent of mortgages backed by multifamily properties will mature in 2026, as will 15 percent of those backed by health care properties and 17 percent backed by office properties.
$396 billion (21 percent) of the outstanding balance of mortgages serviced by depositories, $200 billion (25 percent) in CMBS, CLOs, or other ABS loans, and $163 billion (29 percent) of the mortgages held by credit companies, in warehouse facilities or by other lenders will mature in 2026. Just $39 billion (4 percent) of the outstanding balance of multifamily and health care mortgages held or guaranteed by Fannie Mae, Freddie Mac, FHA, and Ginnie Mae will mature in 2026. Life insurance companies will see $76 billion (10 percent) of their outstanding mortgage balances mature in 2026.
Commercial mortgage debt outstanding totals approximately $5.0 trillion, and spans a diverse range of property types, capital sources, metro areas, submarkets, loan vintages, borrower profiles, and capital structures. As loans reach maturity, owners, often in collaboration with lenders and servicers, evaluate the specific dynamics of each transaction to determine the most appropriate path forward.
- Reggie Booker (rbooker@mba.org)
