U.S. Capital Markets Glide Path to Clearer Skies

Impact of tighter lending standards on CRE investment

% of Banks Report Stronger Loan Demand Alongside CRE Transaction Volume

% of Loan Officers Tightening Standards (Inverted) Alongside CRE Transaction Volume

CRE Quarterly Sales Volume (Billions, RHS) All CRE Loans

CRE Quarterly Sales Volume (Billions, RHS) All CRE Loans

Construction Commercial Multifamily

Construction Commercial Multifamily

20 40

$100 $150 $200 $250 $300 $350 $400

$100 $150 $200 $250 $300 $350 $400

20 40 60

-100 -80 -60 -40 -20 0

-80 -60 -40 -20 0

$0 $50

$0 $50

Jul-01

Jul-05

Jul-09

Jul-13

Jul-17

Jul-21

Jun-01

Jun-06

Jun-11

Jun-16

Jun-21

Mar-00

Mar-05

Mar-10

Mar-15

Mar-20

Dec-03

Dec-08

Dec-13

Dec-18

Sep-02

Sep-07

Sep-12

Sep-17

Sep-22

Mar-00

Mar-04

Mar-08

Mar-12

Mar-16

Mar-20

Nov-02

Nov-06

Nov-10

Nov-14

Nov-18

Nov-22

48

Source: Federal Reserve (SLOOS), MSCI Real Capital Analytics. Note: *Commercial denotes nonfarm nonresidential CRE lending.