Market Stays Busy as Rates Climb

Data from Altus Group’s third-quarter 2026 survey of commercial real estate (CRE) borrowers and lenders show an active but increasingly expensive financing market. Treasury yields climbed, the Federal Reserve raised its policy rate for the first time since 2023, and spreads widened across most products. All-in CRE financing costs rose nearly everywhere as a result. Even so, quote volume jumped 13% from the second quarter. The product mix, as indicated by quote activity, swung back toward floating-rate debt. Quotes for construction financing took a much larger share of overall quotes, while apartment and industrial remained the most tightly priced sectors.

The full report provides data on quoted interest rates by property type, loan type, maturity and loan-to-value ratio, including for both senior debt and mezzanine loans.  

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