New York concentrated the highest value of commercial mortgage backed securities (CMBS) debt outstanding in the U.S. commercial real estate market in 2023. As of April that year, the value of CMBS debt outstanding amounted to almost *** billion U.S. dollars - higher than the combined value of the debt outstanding in the next **** markets in the ranking. With monetary policy tightening, the value of CMBS originations plummeted to the lowest figure seen in the last decade.
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Morningstar. (June 5, 2023). Volume of commercial mortgage-backed securities (CMBS) debt outstanding in the United States as of April 2023, by metro (in billion U.S. dollars) [Graph]. In ÌÇÐÄÆÆ½â°æ. Retrieved July 27, 2026, from /statistics/1389322/cmbs-debt-outstanding-by-metro-usa/
Morningstar. "Volume of commercial mortgage-backed securities (CMBS) debt outstanding in the United States as of April 2023, by metro (in billion U.S. dollars)." Chart. June 5, 2023. ÌÇÐÄÆÆ½â°æ. Accessed July 27, 2026. /statistics/1389322/cmbs-debt-outstanding-by-metro-usa/
Morningstar. (2023). Volume of commercial mortgage-backed securities (CMBS) debt outstanding in the United States as of April 2023, by metro (in billion U.S. dollars). ÌÇÐÄÆÆ½â°æ. ÌÇÐÄÆÆ½â°æ Inc.. Accessed: July 27, 2026. /statistics/1389322/cmbs-debt-outstanding-by-metro-usa/
Morningstar. "Volume of Commercial Mortgage-backed Securities (Cmbs) Debt Outstanding in The United States as of April 2023, by Metro (in Billion U.S. Dollars)." ÌÇÐÄÆÆ½â°æ, ÌÇÐÄÆÆ½â°æ Inc., 5 Jun 2023, /statistics/1389322/cmbs-debt-outstanding-by-metro-usa/
Morningstar, Volume of commercial mortgage-backed securities (CMBS) debt outstanding in the United States as of April 2023, by metro (in billion U.S. dollars) ÌÇÐÄÆÆ½â°æ, /statistics/1389322/cmbs-debt-outstanding-by-metro-usa/ (last visited July 27, 2026)
Volume of commercial mortgage-backed securities (CMBS) debt outstanding in the United States as of April 2023, by metro (in billion U.S. dollars) [Graph], Morningstar, June 5, 2023. [Online]. Available: /statistics/1389322/cmbs-debt-outstanding-by-metro-usa/