Goldman Sachs
May 14, 2026
Agency CMBS Issuance Poised to Exceed 2025 Levels
Market ReportStructured ProductsReal EstateRates CreditReal EstateFinancials
Agency CMBS issuance is projected to reach $186 billion in 2026, a 17% increase from 2025, supported by higher GSE loan purchase caps. The total market size now stands at roughly $1.1 trillion following a recovery in multifamily lending.
Key Takeaways
- 1.Agency CMBS issuance is forecast to grow 17% in 2026 to $186 billion, following a recovery in 2025.
- 2.The total size of the agency CMBS market has reached approximately $1.1 trillion.
- 3.GSE multifamily loan purchase caps have been significantly increased to $88 billion for 2026.
Table of Contents
- Mortgage Notes: Agency CMBS issuance poised to exceed 2025 levels
- Appendix
- Disclosure Appendix
- Global product; distributing entities
- General disclosures
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Authors
Arun ManoharBen ShumwayNeth Karunamuni
Securities
Fannie DUSFreddie K-dealsFreddie Multi PCsGN project loan REMICs
Themes
Agency CMBS Supply RecoveryMultifamily Housing Market DynamicsRegulatory Influence on Issuance
Regions
North AmericaUnited States