At a glance
- The 2021 figure is the only larger industrial total since 2015, and 2026 has two months to close the gap.
- For a lender or a bond buyer, refinancing has largely replaced acquisitions as the primary driver of warehouse financing, Trepp finds.
- Warehouse single-asset, single-borrower (SASB) issuance fell from $16.5 billion in 2021 to $9.6 billion so far this year, while warehouse loans in conduit pools held between $1.1 billion and $1.9 billion.
Industrial CMBS issuance reached $22.3 billion for deals closed through Oct. 29, 20% of all private-label CMBS issued this year and $1.7 billion short of the $24.1 billion booked in 2021, according to Trepp.
The 2021 figure is the only larger industrial total since 2015, and 2026 has two months to close the gap. Warehouse properties supplied $11.1 billion, or 50% of this year's issuance, down from 76% in 2021 and 70% in 2024. Manufacturing contributed $3.2 billion (14%) and flex/research and development $0.9 billion (4%). Another $3.4 billion (15%) came from large portfolio deals that closed in recent weeks and have yet to be assigned a property subtype, so this year's shares will move. Trepp counts each property in a mixed portfolio loan at its allocated share of the loan. It also includes data centers held in office buildings in its industrial tally.
For a lender or a bond buyer, refinancing has largely replaced acquisitions as the primary driver of warehouse financing, Trepp finds. New warehouse deals are increasingly underwritten against in-place cash flow rather than the lease-up that came with 2021's acquisition wave. Data-center CMBS bonds have traded apart from the rest of the market: fixed-rate data-center CMBS AAAs widened 21 basis points in a week, as Private Wealth Daily previously reported, while the median senior bond in other single-asset and conduit deals held flat.
Warehouses are half of this year's industrial CMBS issuance
Industrial CMBS issued through Oct. 29, 2026, by property subtype, $B
| Part | Value ($B) | Share |
|---|---|---|
| $11.1B | 49.8% | |
| $3.4B | 15.2% | |
| $3.7B | 16.6% | |
| $3.2B | 14.3% | |
| $0.9B | 4% |
Single-borrower volume shrinks
Warehouse single-asset, single-borrower (SASB) issuance fell from $16.5 billion in 2021 to $9.6 billion so far this year, while warehouse loans in conduit pools held between $1.1 billion and $1.9 billion. That accounts for almost all of the decline in warehouses' share. In 2021, 11 warehouse loans of $500 million or more totaled $10.3 billion; this year eight such loans total $6.1 billion. Large warehouse deals continue, but at somewhat smaller sizes.
Outstanding industrial CMBS lags the shift in new issuance. Of the $74.5 billion in industrial CMBS balances in the September 2026 remittance, $43.8 billion (59%) is backed by warehouses, against 50% of this year's issuance.
Reported by the Real estate debt desk from Trepp and Private Wealth Daily archive. Published . Corrections