Industrial CMBS Issuance Rises in 2026, Driven by Large SASB Deals
In the first eight months of 2026, industrial commercial mortgage-backed securities (CMBS) issuance reached $14.93 billion, representing a growing share—17.01%—of total CMBS volume compared to 14.55% in 2025. The surge is largely attributed to single-asset, single-borrower (SASB) deals, which accounted for $13.24 billion of the industrial issuance versus only $1.69 billion from conduit transactions. The average size of securitized industrial loans rose sharply in 2026 to $177.8 million and leverage increased as well, with an average loan-to-value (LTV) ratio reaching 61.2%. This trend reflects a shift toward larger portfolio-level financings rather than smaller conduit deals. One notable example is the MTN Commercial Mortgage Trust 2026-LPFX deal, which financed $1.28 billion in loans across 90 industrial properties and replaced an earlier financing with higher leverage. The growing dominance of SASB transactions suggests a more concentrated market where large portfolio financings significantly influence annual totals. Trepp forecasts that full-year industrial CMBS issuance will exceed the $18.56 billion recorded for all of 2025, highlighting continued lender confidence in industrial collateral as supply conditions stabilize.
Topics: CMBS Conduit Transactions Industrial Real Estate SASB Deals