Commercial and multifamily mortgage loan originations increased 42% year-over-year in the first quarter of 2025 compared to a year earlier, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The overall increase was driven by a rise in originations for office, healthcare and multifamily.
Q1 saw a 205% Y-O-Y increase in dollar volume for office loans, a 159% increase for healthcare properties, a 39% increase for multifamily and a 30% increase for hotel. Originations for industrial properties decreased 2% and retail loans decreased 3% from a year ago.
Among lender types, the dollar volume of loans originated for depositories rose 83% Y-O-Y. There was a 61% increase in life company loans, a 37% increase in CMBS, a 20% increase in GSE loans and a 12% increase in investor-driven lender loans.
“The first quarter of the year is typically the slowest, so this level of activity — particularly the strong gains in office, healthcare and multifamily lending — signals renewed momentum and growing confidence in key segments of the market,” said Reggie Booker, MBA’s associate VP of commercial research.
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