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Wells Fargo

February 13, 2026

CRE Capital Flows Continue to Strengthen

Sector ReportReal EstateMacro Economic IndicatorsReal Estate

Eased monetary policy and lower federal funds rates are driving a recovery in commercial real estate capital flows, with Q4-2025 seeing broad-based growth in originations.

Key Takeaways

  • 1.Lower federal funds rates are actively boosting commercial real estate (CRE) transaction volumes and capital flows.
  • 2.Commercial and multifamily originations grew solidly in Q4-2025 on both a sequential and year-over-year basis.
  • 3.The recent expansion in CRE lending was primarily driven by banks and investor-driven lending platforms.

Table of Contents

  • Summary
  • Required Disclosures
  • Important Information for Non-U.S. Recipients

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Authors

Charlie DoughertyAli Hajibeigi

Themes

Monetary Policy Transmission to CRERecovery in CRE Capital Markets

Regions

North AmericaUnited States