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Building exterior in Lower Manhattan S&P headquarters in Lower Manhattan

NEW YORK CITY—Notwithstanding a sluggish start to 2017, the year’s first half nonetheless saw issuance of $34.4 billion in private-label CMBS, Kroll Bond Rating Agency reported earlier this month. That’s a 27.8% increase from the year-ago period, and more than half of the year-to-date dollar volume was generated in May and June alone, according to KBRA.

Yet despite what S&P Global Ratings calls “active demand for CMBS” in a new report on structured finance, the report also contains the ratings agency’s prediction that the year will finish with total volume basically flat from 2016. What’s holding the industry back from breaking through the $100-billion barrier that has eluded it in recent years?

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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