While the commercial real estate lending market experienced a slowdown in the first quarter, it was primarily influenced by market conditions in the third and fourth quarters of 2023, according to a new report from CBRE on Q1 lending.

"Looking forward, we are seeing an uptick in activity, particularly driven by institutional investors seeking to recycle capital, with a notable increase in BOV (broker opinion of value) activity and financings over $100 million," James Millon, U.S. President of Debt & Structured Finance for CBRE said in prepared remarks.

CBRE's Q1 2024 lending volume increased compared to the same period in 2023. "With investment sales down, we are seeing a shift towards hard maturity refinancings, construction loans, and bridge lending, which is expected to continue until there is consensus on rate cuts," Millon added.

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