CRE debt organization has continued to slow but has reached a virtually flat position, according to Newmark's 1Q24 State of the U.S. Capital Markets.

Origination volumes were down only 2% year over year in the first quarter of 2024 — still a drop but a significant improvement over recent patterns. Compared to the 2017-to-2019 period, it's off by 20%.

The year-over-year breakouts by category of debt origination were as follows: -12% for sales, +4% for refinance, -100% for M&A, -14% for construction. The total though was only -2%. Refinancing stood out in total dollars at $53 billion, compared to the $49 billion in the first quarter of 2023. B]ut the total of $105 billion in Q1 was less than the $107 billion for the same period last year.

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