California CRE is highly interest-rate-sensitive due to high asset prices, leveraged ownership and large refinancing pipelines.

A balance of affordability, appreciation potential and lighter competition earned Indianapolis the top spot.

Top 25 originators closed $68.9B in loans, with Walker & Dunlop, CBRE and Wells Fargo leading the way.

December pre-leases climbed to 27.1% nationwide, despite the weakest kickoff in a decade.