The single asset, single borrower (SASB) market continues to strengthen its dominance in U.S. CMBS, expanding in scale and scope as growing complexity demand disciplined credit selectivity, Fitch Ratings reported. SASB issuance reached $91.1 billion in 2025, up nearly 30% year-over-year and accounting for 72.5% of total U.S. CMBS volume, rising to approximately 78.5% through YTD May 2026.
Average transaction size has increased since 2023, driven by multibillion-dollar institutional financings. Median transaction size has remained stable. Fitch said the gap shows the market is expanding at both ends. Large trophy assets are pushing issuance volume higher, while smaller deals that were historically absent from the SASB channel have also entered the market.
Office dominates in volume but also represents the greatest source of credit stress, Fitch said. The sector accounts for the majority of downgrades and Negative Rating Outlook concentration, underscoring a deep and widening quality bifurcation within the sector.
Pictured: Uber’s San Francisco headquarters, refinanced in 2025 with a $500-million SASB loan.
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