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CMBS Volatility Will Continue This Year

SAN DIEGO—Driven by the capital markets, CMBS will continue to be extremely volatile, with the pool narrowing and spreads widening, say speakers at Burnham-Moores’ real estate conference here last week.

Debt Session Panel Speakers at the debt session spoke of a tightening CMBS pool, strong lending competition and rising cost of capital for borrowers.

SAN DIEGO—Driven by the capital markets, CMBS will continue to be extremely volatile, with the pool narrowing and spreads widening, said speakers at Burnham-Moores’ 20th Annual Real Estate Conference here Friday. Gary Duff, executive director at Morgan Stanley and a panelist for the “Debt Sources of Financing in Today’s Market” breakout session said last year 45 groups contributed to the CMBS pools, while this year there are 35, and he predicted a pool of 20 to 25 players soon.

“There will be more fallout of CMBS,” Duff said. “Our pricing has widened out by 50-plus basis points. It will be a volatile year, but a functional space a year from today.”

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Carrie Rossenfeld

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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