Market Review & 2025 Forecast
2025 Economic Outlook
The summer of 2024 marked a turning point for the U.S. economy, as the uncertainty lingering from the pandemic began to subside. With clearer economic signals and reduced volatility, investors enter 2025 with renewed confidence.
Large institutions, such as Blackstone, increased their activity, signaling a market poised for repositioning significant capital ahead of the next growth cycle. This stabilization in sentiment has fostered heightened market activity, with early indicators suggesting a potential return to more robust growth. Yet, the year ahead presents a mixed economic picture, blending optimism with enduring challenges.
The Federal Reserve’s monetary policy shifts in late 2024 were a key development. Following its first rate cut in over four years in August, the Fed implemented additional reductions, culminating in a federal funds rate range of 4.25% to 4.50% by December. These moves aimed to stimulate borrowing and investment, offering relief to some sectors. However, the trickle-down effects of these cuts were slower than anticipated and were already priced into the market. Key financial indicators, such as the 10-year Treasury yield, Baa corporate bond rates, and residential mortgage rates, rose despite the easing, reflecting concerns over inflation, fiscal deficits, and global trade tensions. Commercial mortgage lending rates, for instance, stood at 6.4% in September, highlighting ongoing difficulties for borrowers.
The mantra “survive until 25” encapsulated investor sentiment, as higher interest rates continued to exert pressure on property values and refinancing options. While monetary easing brought cautious optimism, broader market dynamics constricted a more pronounced recovery. Even so, improved economic forecasts for 2025 have provided a measure of hope, as reduced volatility and steady consumer confidence bolster the outlook for commercial real estate.
Inflation remains a critical factor shaping the 2025 economic landscape. Stubbornly hovering 40-80 basis points above the Federal Reserve’s 2% target, it has tempered the pace of monetary easing. At around 3%, consumer price index (CPI) inflation levels align with European Central Bank standards but still exceed domestic targets, presenting a barrier to further rate cuts. Meanwhile, labor market resilience continues to underpin the economy. Although job growth has slowed from its 2021-2022 peak, gains remain positive. The Bureau of Labor Statistics reported upwardly revised figures for late 2024, with December alone adding 256,000 jobs, a sign of underlying strength.
The rise in consumer and business confidence following Trump’s election win has also reshaped financial markets. Greater confidence has driven increased treasury sales, raised yields and created a dynamic where the 10-year Treasury rate is expected to remain above the federal funds rate well into 2025. While this reflects optimism about future growth, it complicates the Federal Reserve’s policy path, reinforcing a “higher-for-longer” interest rate environment.
As 2025 progresses, the economy will stand at a crossroad. Reduced uncertainty and improving forecasts will hopefully create increased opportunities for growth.
Defining the Market Players
While private buyers remained the largest source of capital in 2024, institutional players became increasingly active on both sides of the transaction table. Cross-border investor activity softened overall but remained opportunistic. Meanwhile, REITs emerged as a significant sellers, capitalizing on specific opportunities to adjust their portfolios.
Unique investor participation in acquisitions declined by 8% in the first three quarters compared to the same period in 2023. Smaller properties and portfolios valued under $10 million saw the sharpest decline in investor activity. Private investors, who traditionally dominate this segment, faced challenges such as higher borrowing costs, limited funding access, and shorter-term investment horizons. Consequently, their market share of acquisitions fell to 54% in 2024, down from 58.1% in 2023. Similarly, private sellers accounted for 51.8% of dispositions, a decline from 59.5% in 2023, indicating a more cautious approach to asset sales
Institutional and REIT Investor Expand Presence
2024 ended the year with $420.4 billion, a 9% increase compared to $365 billion in 2023, and larger institutional and REIT investors increased their market share. Institutional buyers accounted for 26% of acquisitions, up from 18.6% in 2023, as they strategically focused on sectors like industrial and large-scale multifamily properties. REITs, while slightly decreasing their share of purchase to 9.9% (from 10.9% in 2023), became significant sellers, representing 17.3% of dispositions, up from 12.3% the prior year.
Cross-Border Activity Softens
Cross-border investors saw reduced activity, making up 5.6% of purchases in 2024 compared to 8.5% in 2023. However, their share of dispositions rose to 6.4% from 4.4%, reflecting a selective approach to both buying and selling in a high-interest rate environment.
Market Composition Trends
Private buyers remained the largest source of capital but retreated modestly due to rising costs and tighter funding. In contrast, well-capitalized institutional and REIT investors strengthened their positions, supported by lower capital costs and greater funding access. Institutional sellers also increased their activity, representing 21.1% of dispositions, up from 18.9% in 2023, as they rebalance portfolios in response to shifting market conditions.
The Latest on Maturing Loans
As the U.S. economy transitions into 2025, a critical focus point is the significant volume of maturing commercial real estate debt and its implications for lenders, borrowers, and property owners. At the close of 2023, loans maturing in 2024 surpassed $600 billion, with an additional $214 billion in unresolved maturities carried over from 2023. Together, these represent a staggering $820 billion in CRE mortgages due in 2024, underscoring the challenges of refinancing in a high-interest-rate environment.
The “extend-and-pretend” strategy, wherein lenders provide short-term extensions to avoid realized losses, has largely run its course. This approach has contributed to a buildup of maturing debt slated for the first half of 2025. According to S&P Global Market Intelligence, there is an estimated $1 trillion in CRE and multifamily debt maturing in 2025. Troubling, approximately 14% of these loans are underwater, meaning the current asset values are below the outstanding loans balances, posing significant risks for refinancing efforts.
Offices remain the most precarious asset class in 2025, with nearly 30% of maturing office debt tied to properties valued below their debt obligations— amounting to $30 billion. This figure is almost double the share of underwater debt across other traditional asset classes. Lenders are increasingly unwilling to renew or extend these loans, reflecting a necessary but painful market correction that aims to reallocate capital into well-performing properties.
Multifamily properties, while generally more resilient, face pressures as well. Apartments account for over one-quarter of 2025 maturities tied to underwater assets, with loans originating during the low-interest-rate, high-valuation period of 2022 being particularly vulnerable. Timing plays a critical role here; properties with initial agreements from this period may struggle to renegotiate, despite the overall strength of multifamily performance.
The composition of lenders managing maturing CRE debt is also evolving. While CMBS, CLO, and investor-driven lenders account for over half of the loans maturing in 2024, banks dominate maturities from 2025 through 2027, holding at least 45% of loans due in these years. However, banks remain largely healthy, having emerged from the 2023 banking crisis with limited exposure to bad CRE debt.
Insurance, agency, and private capital lenders are poised to take on a larger share of lending as banks face increased regulatory scrutiny. These entities are better positioned to extend credit selectively, focusing on properties and markets with robust fundamentals. This shift could help stabilize the lending environment as banks scale back on their involvement.
The CRE market in 2025 faces a critical inflection point. The pullback in extensions and refinancing signals a broader reset, redirecting capital into properties and sectors with stronger performance. While this transition may bring short-term challenges, it lays the groundwork for healthier long-term capital allocation. The combination of strong fundamentals, selective lending by non-bank institutions, and a recalibrated approach to office assets suggests a pathway forward.
Taken together, the interplay of maturing debt, lender dynamics, and asset-specific risks will define the 2025 landscape. As the market recalibrates, stakeholders must adapt to a shifting landscape where prudent decision-making and strategic positioning will be key to navigating the challenges ahead.
The Picture on Performance | 2024 In Review
The commercial real estate market in 2024 exhibited signs of recovery but faced challenges due to lingering effects of higher borrowing costs, declining asset values, and structural changes in investor sentiment. Although the market did not return to pre-pandemic norms, improvements in deal volume, price stability, and investor activity were evident throughout the year.
Deal Volume
Deal volume exhibited volatility in 2024, with periods of improvement followed by declines. Early in 2024, investment activity trended negatively but began to stabilize by mid-year, turning positive by the end of Q2. Q4 2024 showed notable growth compared to 2023, signaling renewed momentum. Outlier transactions in 2024 made trend forecasting challenging. Key deals, such as Sprit Realty Capital’s sale to Realty Income Corp in January and Blackstone’s acquisition of AIR Communities in June, helped offset declines in single-asset sales. However, portfolio sales experienced substantial growth, particularly in office and industrial sectors.
Entity-level transactions were another bright spot, increasing 40% at Matthews™, while Real Capital Analytics reported a 29% rise market-wide compared to 2023. Leading transaction markets included New York, Tampa, and Cleveland, with retail and multifamily emerging as the most active property types. Matthews™ also observed a 2% increase in single-tenant transactions. Overall, Matthews™ reported a 17% year-over-year increase in deal volume for 2024.
- YOY Volume Change: (National): 9%
- YOY Volume Change (Matthews™): 17%
Pricing
The pricing peak for most commercial property types occurred in July 2022, coinciding with the apex of consumer price index (CPI) growth. Since then, commercial property prices have generally trended downward, relating to the broader economic landscape and shifting market fundamentals. In 2024, commercial property prices saw consistent, albeit slowing, declines. Hospitality emerged as a lucrative sector in 2023 and continued growing in 2024, surging 20% YOY, the highest growth category. Multifamily experienced extreme volatility, with a steep decline in 2023, and a robust recovery in 2024, increasing 32.63%. Land saw similar changes, increasing sharply at 32.48%. Manufacturing on the other hand plummeted 55.41%, the steepest decline. Self-storage also saw price declines at 10.15%, potentially a result of less population mobility and increased availability across the county.
The office sector, particularly CBD assets continue to face challenges as well. Prices for CBD office properties dropped as much as 50.9% from their peak in 2022, though signs of stabilization began to emerge later in the year. In comparison, the retail sector saw more modest declines of 9.03%. Matthews™ data indicates an -8.72% shift from 2022, while still negative, this represents an improvement from the steeper declines seen in 2023 (-10.46%). By mid-year, price declines had moderated, ending a six-quarter streak of falling prices. Positive monthly growth began in May, and by August, year-over-year changes turned positive for the first time since 2022. The data also suggests that a disconnect between buyers and sellers persists, with sale prices averaging 11.2% below list prices.
Retail
2024 began on a high note with a major entitylevel transaction—the Realty Income-Spirit Capital merger—fueling triple-digit growth in deal volume. However, excluding this transaction, overall investment activity saw a 13% decline compared to January 2023. By mid-year, investor sentiment began to improve as property fundamentals strengthened, rental income reached record levels, and price declines showed signs of stabilization.
By July, year-over-year price decreases had moderated to just 0.8%. August marked a significant turning point with a 0.1% price increase—the first since late 2022. Despite this progress, by year-end, retail property sales prices were still down 2% year-over-year, as reported by Matthews™.
Shopping centers emerged as a bright spot within the retail sector, outperforming other retail subtypes throughout the year. In April, shopping centers posted a 19% year-over-year increase in sales volume, bolstered by robust consumer demand. By July, cap rates for shopping centers had risen to 7.5%, outpacing the 6.4% increase in single-tenant retail.
Despite a 7% decline in overall retail volume by the end of 2024, shopping centers’ resilience highlighted their appeal to investors seeking stable returns in a volatile market.
Private capital played a dominant role in the retail market, accounting for 60% of acquisitions in 2024. Portfolio sales saw a strong resurgence, with Q2 witnessing a 57% year-over-year increase in activity. Notable deals, such as a $495 million transaction, underscored growing confidence in the sector’s ability to weather macroeconomic challenges.
However, rising interest rates and tighter financing conditions posed significant hurdles. May recorded a steep 51% year-over-year decline in deal volume, reflecting ongoing liquidity pressures despite easing commercial mortgage rates from their 2023 peaks.
Looking ahead, the retail property market is positioned for cautious optimism in 2025. Incremental price gains recorded in late 2024, as indicated by the RCA CPPI, suggest continued improvement in pricing trends. Stabilized cap rates and recovering consumer spending are expected to attract additional capital, particularly from private and cross-border investors.
Moderating interest rates could further bolster transaction volumes, with shopping centers likely to remain the preferred asset class due to their strong consumer demand and stable pricing dynamics. Notably, the year saw a 9% gap between list prices and sale prices, signaling potential opportunities for savvy investors. While 2024 sales prices were 2% lower than in 2023, the number of transactions increased by 4.5% compared to the previous year, nearing 2022 levels. These indicators, combined with improving fundamentals, set the stage for a gradual yet steady recovery in the retail property market in the coming year.
Apartment
Multifamily in 2024 experienced significant shifts with cautious yet growing optimism among investors. Investment activity in the sector continued to decline early in the year, extending a trend from 2022. January and February saw subdued transaction volumes, with no entity-level sales and significant reductions in portfolio sales. By mid-2024, the market began to stabilize as individual asset sales gained traction, with quarterly volumes improving compared to 2023. Blackstone’s $10 billion acquisition of AIR Communities in June provided a notable boost, while the second half of the year brought sustained growth in individual asset sales, particularly for mid/high-rise properties. Q4 2024 recorded year-over-year increases in transaction volumes, reversing prior declines.
Multifamily property prices continued to decline in 2024, but the pace of declines moderated throughout the year and are improving relative to previous periods of sharper decline. The RCA CPPI for apartments fell at a 4.2% pace in the fourth quarter relative to the fourth quarter of 2023. Cap rates increased modestly, with garden apartments averaging 5.7% and mid/high-rise properties at 5.4% by year-end, reflecting the sector’s adaptation to new financing realities. Matthews™ data saw an average price increase of 32% compared to 2023 but was still down 12% compared to the highs of 2022.
While mortgage rates for multifamily properties have slightly declined from their peak in late 2023, they remain significantly higher than the historically low levels of 2020 and 2021. This tempered investor enthusiasm but signaled a turning point in the cycle. Mid/high-rise properties outperformed garden apartments in transaction volume growth, reflecting investor preference for assets with greater urban appeal and resilience.
Several key trends shaped the multifamily market in 2024. Elevated vacancy rates became a common challenge, particularly in the luxury Class A segment, as oversupply affected urban cores and transit-oriented developments. Rent growth displayed variability, with luxury and urban properties experiencing declines, while mid-tier and affordable housing remained stable or saw modest growth. Construction activity slowed in response to oversupply and rising interest rates, although regions like Denver and Phoenix maintained significant pipelines. Investment activity varied, with some markets seeing rising cap rates and declining sales volumes, while others attracted renewed interest due to supply constraints and projected rent growth. Suburban areas and mid-tier housing demonstrated stronger demand and resilience.
Looking ahead to 2025, multifamily property prices are expected to stabilize further. The RCA CPPI indicates smaller year-over-year declines, suggesting a potential return to price growth. Cap rates are likely to remain stable or see slight upward adjustments, influenced by interest rate movements and inflation trends. Transaction activity is anticipated to grow, driven by improving liquidity and investor confidence, with individual asset sales leading the market. Opportunities in the sector will likely emerge in secondary and tertiary markets, where affordability challenges persist in primary markets. High-growth regions with favorable demographic trends will attract investors. Value-add strategies will remain popular, with a focus on enhancing property performance and capitalizing on moderating price declines.
Industrial
The industrial sector navigated a landscape of declining transaction volume while maintain robust price growth in 2024. The year 2024 marked the eight consecutive quarter of year-over-year decreases. This decline was driven by several factors, including higher interest rates and adjusted underwriting requirements. Despite these challenges, the sector’s performance often exceeded pre-pandemic benchmarks, reflecting a normalization rather than a collapse. In January, deal volume fell below pre-pandemic averages but showed a more moderate decline compared to the sharp contractions in 2023. From February to May, portfolio sales showed resilience, particularly in April and May, when portfolio transactions rose by 12% and 85% year-over-year, respectively.
The second and third quarters were characterized by fluctuating deal structures, with portfolio sales gaining transaction and individual asset sales continuing to demonstrate resilience relative to pre-pandemic averages. For example, in October, sales of individual warehouse properties exceed pre-pandemic averages by 48%. By November and December, the year ended with a moderate pace of activity. Matthews™ data told a different story with transactions increasing 44% in 2024 versus 2022 and 29% compared to 2023.
While deal volumes trended downward, industrial property prices defined expectations with steady growth throughout the year, consistently outperforming other commercial sectors throughout 2024. According to RCA CPPI, prices rose by 8.7% year-over-year in May and 6.7% in the third quarter decelerated slightly in the latter half of the year, up only 2.7% by year-end. According to Matthews™ data, year-end industrial property prices had seen a 4.6% price increase compared to 2023. However, this growth is still 5% below 2022 highs. Cap rates, while increasing in response to the higher interest rate environment, remained competitive. In 2024, industrial cap rates averaged 6.4%, a level that underscored the sector’s relative stability.
Looking ahead, the industrial sector in 2025 is expected to see moderate growth, supported by strong income growth. Signs of stabilization emerged in latter half of 2024, suggesting that 2025 could witness a modest rebound in transaction activity if financing conditions improve or remain steady. Institutional and cross-border investors expanded their presence in 2024, a trend likely to persist in 2025. Private capital, which accounted for the largest share of acquisitions in 2023, may maintain a cautious approach given higher financing costs. The shift to e-commerce and growing demand for last-mile delivery infrastructure will continue to underpin the sector’s appeal, while supply chain resilience initiatives are also expected to sustain demand.
Office
The office sector remained the most troubled in 2024, with challenges stemming from high vacancy, the weakest tenant demand in over three decades and negative investment returns. Despite these challenges, the office sector is on a trajectory of growth after approaching the bottom of a prolonged period post-pandemic. While office utilization has yet to fully recover, return-to-office mandates are luring people back to cities, with notable growth in Class A highly-amenitized buildings. This flight-to-quality is driving and supporting the return-to-office movement. The resilience in transaction volume and evolving pricing dynamics is also helping prop the sector up.
Central business district (CBD) office buildings have been a bright spot in the office sector’s recovery. In Q4 2024 CBD office spaces increased 104% YOY and ended the year at 49% increase YOY. This growth is not solely attributable to isolated mergers or acquisitions but reflects a broad-based return of capital to CBD assets. In contrast, suburban office markets have lagged, with sales volume through 2024 increasing only 10% from 2023 despite suburban transactions being over double the volume of CBD sales. Average cap rates for CBD offices climbed by 60 bps over the year, reaching 7.9%. Suburban office cap rates also increased, though by a smaller margin of 30 bps, settling at 7.5% by yearend.
After experiencing nearly 23 million square feet of negative absorption in the first quarter—bringing cumulative occupancy losses since the pandemic to 210 million square feet—demand stabilized over the remaining three quarters of 2024. About half of the top 50 U.S. office markets, led by New York, saw positive net demand beginning in Q2. However, challenges persisted with vacancy remaining elevated due to continued supply additions. The leasing market, though active, reflected smaller space requirements. Average lease sizes were 1520% smaller than pre-pandemic norms, as occupiers continue to consolidate space. The vacancy rate ended the year at 13.9%, a 450 bps increase since 2019. On the other hand, asking rents saw a modest 1% increase.
Despite these challenges, transaction volume reached $63.6 billion, a 20% increase from 2023. While transaction volumes are improving, pricing pressure continues to affect the office sector more acutely than other property types. In Q2 2024, prices fell by 51.24% YOY according to Matthews™ data and RCA recorded a 5.3% decrease YOY. Despite this, vacancy rates remain high, and financing costs, though easing, are still above pre-pandemic levels.
The outlook for 2025 presents some opportunities. On the upside, increased attendance mandates by major employers, fiscal stimulus, and accelerated hiring could bolster demand. But, on the downside, stagnation in office job growth and potential job losses could hinder recovery, even in a stable economic environment. Certain office markets and categories have shown strong performance trends. Miami, Las Vegas, high-end properties under 50,000 square feet, and medical office spaces are leading the way. These segments are well-positioned to benefit from evolving market dynamics, including a growing preference for premium, amenity-rich environments and sectors with stable demand drivers.
Self-Storage
Despite shifting demand with slower migration trends, the self-storage sector remained resilient in 2024―major REITs reported net income growth, albeit below 2023 levels and class A RV/Boat storage emerged as a bright spot. Average street rates declined 4.9% YOY in June to $16.45, with larger units outperforming smaller ones. Rate declines slowed significantly by year-end, dropped just 2.1% signaling stabilization after 27 months of decreases. The slowdown in rate declines is evident in 28 of the top 30 metros tracked by Yardi Matrix, and nearly all top markets saw less pronounced year-over-year decreases compared to December 2023. Markets like Tampa and Orlando have outperformed due to hurricane-driven demand and improving rates, even amidst substantial new supply.
Construction activity saw an increase with 3.4% of existing stock under construction as of November 2023. Public Storage leads construction metrics, with projects underway to add 3.9 million square feet at a cost of $745.2 million. Meanwhile, CubeSmart’s focus on New York and New Jersey saw two new developments in 2024, with plans for additional projects totaling $38.5 million scheduled to open in Q3 2025. Robust RV and Bost Storage Demand Class A RV and boat storage performed well, with rates holding steady at $6 per square foot annually. Despite declining RV and boast sales, demand remained high, and development activity surged.
Acquisitions continued at a healthy pace. According to Matthews™ data, self-storage sales increased almost 5% from 2022 and a whopping 51% from 2023. However, sales prices were still down 10% from 2023.
Hospitality
The U.S. hotel industry is navigating a mixed environment. Trading volumes have fallen 33% year-over-year according to CoStar, but Matthews™ data highlights a 20% year-over-year increase in the average sale price and a 66% rise in transaction velocity. Luxury-class transactions remain strong, with notable deals such as Host Hotels’ acquisitions in Nashville, New York, and Hawaii, underscoring the appeal of prime locations. Conversely, distressed assets like Park Hotels’ San Francisco portfolio reflect valuation declines and costly property improvement plans (PIPs). Corporate strategies such as Hyatt’s $2.6 billion asset disposition program showcase efforts to monetize assets while retaining operational control, while the limited-service segment faces hurdles as ownership transitions often trigger costly PIPs, making some deals unfeasible.
Operationally, the industry shows modest growth, with RevPAR increasing 1.7% in 2024, driven entirely by ADR growth, while supply and demand growth remained balanced at 0.5%. Luxury-class hotels experienced limited gains, while economy-class hotels saw RevPAR declines, reflecting uneven performance. Group demand remains a bright spot, with a 5% RevPAR increase driven by ADR growth, while leisure demand has softened in key markets due to competition from international travel and cruises. Rising costs, including a 38% increase in insurance expenses since 2019 and ongoing labor negotiations, challenge profitability despite steady demand in certain segments. Meanwhile, the construction pipeline remains steady at 150,000–160,000 rooms, with developers prioritizing limited-service hotels due to their financial viability.
Looking forward, the macroeconomic landscape, including GDP growth, tariffs, and immigration policies, presents both opportunities and risks. There is potential for increased deal flow in 2025, driven by the end of the election cycle, maturing loans, and dry powder allocation.
The Auction Industry in 2024
The auction industry in 2024 was characterized by significant transformations driven by digital innovation, shifting buyer demographics, and a focus on transparency and sustainability. Data from leading platforms shows a continued rise in online participation, with a 35% increase in remote bidder engagement compared to pre-pandemic levels.
Matthew Auction Data | 2024
Sold By Property Type
- Average Bidders: 4
- Gross Market Value Brought to Auction: $47M
- Average Above Reserve: 101%
Distressed Sales on the Rise
The level of property distress in the U.S. reached its highest point in over a decade during 2024. Distressed sales represented 2.7% of the market in the first three quarters of the year, a notable rise from 1.8% in 2023 and just 1.2% between 2020 and 2022. This surge was largely fueled by office assets, which have emerged as a significant driver of distressed sales. While hotels and retail properties dominated this landscape in 2020, offices accounted for nearly half of all market distress by Q3 2024. This trend highlights a fundamental shift, elevated levels of distress is expected to continue in 2025.
Foreclosure Trends Reflect Financial Strain
Elevated foreclosure activity further characterized 2024, reflecting ongoing financial strain in the commercial real estate sector. A September report from ATTOM, a leading curator of land and property data, revealed that foreclosure activity remained significantly above pre-pandemic levels. A sharp increase began in June 2023, peaking at 752 filings in May 2024 before declining to 695 by September. Data from Auction.com also revealed that reverse-to-value ratios at REO auctions dropped by 2 percentage points in the six months ending in October. In contrast, credit bid-to-value ratios at foreclosure actions declined by 3 percentage points in the four months leading to October.
Capital Market Predictions for 2025
The capital markets are poised for significant activity in 2025. The Mortgage Bankers Association projects a resurgence in lending activity to near-record levels. Multifamily, retail, and industrial properties are set to benefit from easing rates and increased transaction volumes. Industrial assets continue to demonstrate resilience, driven by e-commerce growth. However, retail and multifamily sectors are stabilizing after declines tied to high interest rates. Medical office properties also remain a preferred investment due to their stability and long-term leases.
Sector performance and lending trends highlight opportunities for investors as capital remains plentiful. They are supported by life insurance companies, agencies like Fannie Mae and Freddie Mac, and bridge lenders. Experts advise against waiting for performance market conditions, emphasizing the importance of positive leverage and actional deals. With improved construction financing prospects and sector-specific growth potential, 2025 offers optimism for a more stable lending environment.
