Q3 2024 US Capital Markets and Lending Figures

Executive Summary

• Commercial real estate investment volume stabilized in Q3 at $90 billion, down by only 2% year-over-year versus a 49% decline in the same quarter last year.
• The CBRE Lending Momentum Index increased by 13% quarter-over-quarter and 15% year-over-year in Q3, reflecting improved lending activity.
• Private investors were net buyers in Q3, accounting for $53 billion of investment volume. Institutional, REIT and cross-border investors were net sellers.
• Inbound cross-border investment increased by 4% year-over-year in Q3 to $3.9 billion after five consecutive quarters of annual declines.
• Life companies accounted for 43% of Q3 loan volume, followed by alternative lenders (34%) and banks (18%).
• While commercial spreads remained unchanged at 183 basis points (bps), spreads on multifamily loans tightened slightly to 168 bps during the quarter.