Nearly three-quarters expect to remain at least three years, changing the underwriting and operating equation.

Private equity firms holding commercial real estate and other long-lived assets face tougher sales, refinancing and valuation decisions as borrowing costs remain elevated.

Limited housing supply is lifting rents in San Francisco, San Jose and Northeast metros, while vacancies approach 20% in Fort Myers.

Industrial loans accounted for 17% of CMBS issuance through August, with SASB deals driving nearly all of the sector's volume.