The issuance of U.S. private-label commercial mortgage-backed securities (CMBS) reached $76.2 billion in the first seven months of the year, with single-asset, single-borrower (SASB) deals accounting for more than 75% of total issuance, according to a report from Trepp.

Office sector borrowing accounted for $17.3 billion, or 22.7% of total issuance, the largest of any commercial sector. Industrial was second with $13.2 billion of issuance, with multifamily right behind at $13.1 billion of issuance.

Lodging accounted for $12.1 billion and retail’s share was $6.8 billion. Data centers reached $5.7 billion. Trepp reported that in the SASB channel, the office, industrial and lodging sectors accounted for 62.1% of total issuance.

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The debt yield between the different property types varied greatly, with lodging’s debt yield at 12.69%, the highest of the major commercial categories, followed by retail at 11.37% and office at 10.11%.

Multifamily carried the narrowest debt yield among the major commercial groups at 8.2%. Trepp explained that lodging’s wide debt yield reflects the need for lenders to require more income relative to loan proceeds because of the risk of major income swings due to the sector’s sensitivity to changes in the economy and operational issues.

Beyond the thinnest debt yield, the multifamily sector also had the highest loan-to-value (LTV) weighted average at 68.4% and the lowest debt-service coverage ratio at 1.33. DSCR evaluates a property’s potential for paying its mortgage and turning a profit. Any DSCR figure above 1 shows that a property should generate a profit above its debt obligation.

For instance, a DSCR of 1.25 would equate to a property earning 25% more income than its debt requires. Trepp noted that the lodging sector averages the highest DSCR at 2.12, followed by retail at 1.85, office at 1.71, data centers at 1.52 and industrial at 1.44.

Other takeaways from the Trepp data include that the U.S. CMBS market is increasingly turning to SASB, particularly in the office and data center sectors. The shift concentrates risk within a limited number of large transactions. Trepp observed that single-borrower collateral supplied nearly 77% of CMBS issuance by balance through July.

Another trend is that data center funding has grown into its own category, accounting for nearly 10% of SASB issuance and 7.5% of overall CMBS issuance in 2026.

One point of caution is that the multifamily sector could face financial risk, depending on the economy going forward. Trepp points out that, among the major commercial categories, the sector offers the thinnest debt yield, the highest LTV and the lowest DSCR.

“That makes it the most aggressively underwritten major type of the year to date,” Trepp writes. “That is not a performance problem today, but it is the smallest margin for error at refinancing if rates hold.”