10Y UST4.94%-1.40%30Y MTG6.95%+2.81%SOFR3.85%VNQ$93.78+0.94%XLRE$42.53-0.01%FED FUNDS3.88%+6.89%
Real Estate Trail
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Fox Business

Commercial real estate faces a refinancing squeeze as borrowing costs rise

Via Fox Business · September 21, 2026
Compiled by Real Estate Trail Editorial · September 21, 2026

Why this matters

Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.

Editorial analysis · Real Estate Trail Editorial

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