CMBS issuance rising again
Refinancing capacity is slowly returning to retail real estate, as investors regain interest in the CMBS market. Issuance of U.S. commercial mortgage-backed securities is on track to total between $10 billion and $15 billion this year, research firm Investcap Advisers expects. That compares to $12 billion in 2008 and $3 billion in 2009. The average annual issuance in the U.S. between 1999 and 2004 was $65 billion. The years 2005, 2006 and 2007 saw a combined $602 billion of mortgage debt issuance, or an average of $200 billion per year.