Commercial mortgage-backed securities issuance remained strong in the third quarter of 2025, with $30.68 billion in domestic, private-label CMBS deals closing during the three-month period, according to Trepp. That brought total issuance for the first nine months of the year to $90.85 billion—a 25.9% increase from the $72.74 billion recorded during the same period in 2024. Quarter-over-quarter, the category rose 5.5%.
At the current pace, Trepp’s CRE Direct estimates that 2025 could end with more than $121 billion in new CMBS issuance. That would make it the most active year since 2007, when volume reached $230.5 billion. Some other high full-year results include 2015 ($95.1 billion), 2019 ($96.7 billion), 2021 ($109.0 billion) and 2024 ($104.1 billion). So far in 2025, the quarterly average has been $30.3 billion.
Market share figures reveal how issuance types shifted over the past year. In the first nine months of 2024, conduit deals accounted for 27 transactions totaling $23.5 billion, or 29.57% of the market. Single-asset, single-borrower (SASB) deals dominated with 76 transactions totaling $49.3 billion, or 62.15%, while eight CRE CLO deals made up $6.6 billion, or 8.29%. By contrast, in the first three quarters of 2025, conduit activity totaled 32 transactions worth $23.4 billion, or 20.60%, SASB deals rose to 97 transactions totaling $67.5 billion, or 59.44% and CRE CLO issuance expanded sharply to 22 deals totaling $22.7 billion, or 19.96% of the market.
Trepp attributes the sustained issuance pace to a stable investor base, even as bond spreads fluctuated earlier in the year. Conduit bond spreads began in 2025 around 80 basis points, widened in March and April on trade-related concerns and peaked roughly 108 basis points higher before narrowing again to the high-70 to low-80 range.
CRE CLO activity showed notable year-over-year increases in both deal count and dollar volume, while SASB transactions “overwhelmingly dominated” the 2025 market, according to Trepp. The average SASB deal size reached $695.57 million, with 20 transactions exceeding $1 billion each. The year’s largest deal so far was the $2.85 billion Hudson Yards Mortgage Trust 2025-SPRL, backed by The Spiral—Tishman Speyer’s 66-story, 2.84 million-square-foot office tower in Manhattan’s Hudson Yards.
Office buildings represented a significant portion of SASB volume, with seven billion-dollar-plus CMBS deals involving the asset class's collateral and 27.18% of single-borrower issuance backed by the office sector. Industrial properties were the second-largest asset type, accounting for 18.67% of issuance.
In the conduit segment, 10 deals closed in the third quarter, totaling $7.18 billion. Roughly 70% of all CMBS issuance year-to-date has consisted of five-year loans. The average size of conduit transactions dropped 12.8% from a year ago to $754.12 million.
The leading CMBS issuers through the first nine months of 2025 were Wells Fargo Securities with $17.4 billion, Citigroup with $11.5 billion, Goldman Sachs with $10.6 billion, Morgan Stanley with $9.4 billion and JPMorgan Securities with $8.7 billion, according to Trepp.
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