Report|4 Sep 2026

CMBS Trend Watch: August 2026

As summer draws to a close, private label CMBS issuance remains robust, with August posting its strongest monthly volume since the start of the decade. During the month, 21 deals totaling $11.6 billion priced, including 15 single-borrower (SB) and six conduit transactions. This brought year-to-date (YTD) issuance to $90.2 billion, up 14.6% from the same period last year.

Commercial real estate (CRE) collateralized loan obligation (CLO) issuance also maintained a strong pace, with two deals totaling $1.9 billion pricing in August. YTD CRE CLO issuance reached $31.6 billion, a 46.2% year-over-year increase, putting the market on track for another strong year.

Looking ahead, the prospect of higher interest rates and borrowing costs could test issuance momentum. However, for now, the near-term pipeline remains active. Based on our current visibility, as many as 18 transactions could be announced in September, including 10 SB deals, four conduits, three CRE CLOs, and one Freddie Mac K-Series…

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