Private sources of capital were the most dominant buyers of U.S. commercial real estate in 2024, while institutional investors gained ground. We analyze the activity of different buyer groups to assess the market's momentum.

The total value of distress in the U.S. property market surpassed USD 100 billion by the end of the third quarter, though the pace of additional financial trouble did slow.  We summarize the biggest sources of distress across property types. 

Amid a sharp asset-price decline and weakened occupier demand, billions of dollars of loans tied to the U.S. office market are coming due. We chart the lenders behind the maturing loans and estimate the volume of debt that has been extended. 

Higher interest rates and a pricing slump have challenged the refinancing of commercial-property debt. We calculate the volume of U.S. loans likely extended from 2023 and chart the lenders behind the slate of maturities starting in 2024. 

U.S. commercial-property prices are falling, and many are fearful of the impact on the broader financial system. We identify the segment facing the sharpest price drops and examine the exposures of banks of all scale as well as other key sources of financing. 

Troubled assets in U.S. commercial real estate climbed to USD 85.8 billion at the end of 2023, with office and retail properties adding the most trouble in the fourth quarter. We summarize our latest findings on distress in the market.  

After the market dislocation of 2023, investors will be hoping for a calmer 2024 in commercial real estate. We identify five key influences to help investors navigate the challenges and opportunities ahead.  

The office market was the largest source of distress in U.S. commercial property in the second quarter, ahead of retail and hotel, which had previously been the biggest contributors of troubled assets. We summarize our latest findings on distress. 

In an environment of tighter lending and increased debt costs, commercial-property loans totaling nearly $900 billion will come due in 2023 and 2024 total. The biggest source is commercial mortgage-backed securities, according to our analysis.