Single-Asset/Single-Borrower CMBS Maturity Payoff Rate Looking Better in 2023–24

More than $45 billion of U.S. single-asset/single-borrower (SASB) commercial mortgage-backed securities (CMBS) loans reach their final maturity date (after exhausting all extensions) during 2023–24. With economic uncertainty and CMBS volatility declining, and ample demand in the commercial real estate market for quality assets, we expect the SASB maturity payoff rate to improve markedly over the next several years.