Global CRE Lending Hits April Record as Data Centers and Refinancing Lift LTVs
Updated
Updated · CNBC · Jun 10
Global CRE Lending Hits April Record as Data Centers and Refinancing Lift LTVs
3 articles · Updated · CNBC · Jun 10
Summary
April lending competition in commercial real estate reached an all-time high, with a near-record number of lenders quoting across banks, private investors, family offices, insurers and government agencies, JLL said.
Refinancing demand and large loan placements drove the surge as owners resisted selling at lower valuations, while data-center buildouts tied to AI pulled in capital and widened lender appetite.
Rising competition pushed winning loan-to-value ratios higher, even as investment-sales bidding remained below 2021 levels and the gap between buyer and seller expectations persisted.
Industrial and logistics assets have seen stronger bidding as warehouse vacancies fall, while multifamily demand has softened under oversupply and weaker rent growth.
JLL said the narrowing global bid-ask spread since the 2023 market bottom is setting up a more predictable commercial real estate transaction environment in the second half of 2026.