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Commercial and multifamily mortgage loan originations were 36 percent higher in the third quarter of 2025 compared to a year earlier, and increased 18 percent from the second quarter of 2025, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, released earlier this month.
Commercial and multifamily borrowing has now increased for five straight quarters on both a quarterly and annual basis. Lending activity increased last quarter across most major property types and capital sources, led by particularly strong growth in office, retail, and hotel properties. While some sectors, such as health care and industrial saw slower activity, overall volumes reflected improving sentiment as property values stabilized and loans reaching maturity were refinanced.
Among investor types, the dollar volume of loans originated for investor-driven lenders increased by 83 percent year-over-year. There was a 52 percent increase in loans for depositories lenders, a 40 percent increase in loans for government sponsored enterprises (Fannie Mae and Freddie Mac), a 5 percent increase in commercial mortgage-backed securities loans, and a 4 percent decrease in life company loans.
On a quarterly basis, third quarter originations for retail properties increased 141 percent compared to the second quarter of 2025. There was a 76 percent increase in originations for hotel properties, a 67 percent increase for office properties, and a 12 percent increase for multifamily properties. Originations for health care properties decreased 6 percent and industrial properties decreased by 17 percent compared to second quarter of 2025.
Among investor types, between the second quarter and third quarter of 2025, the dollar volume of loans for GSEs increased 37 percent, loans for depositories increased 36 percent, originations for CMBS loans increased 31 percent, and loans for investor-driven lenders increased 14 percent. The dollar volume of loans for life insurance companies decreased by 22 percent.
Bathrooms are one of the first places we see interior design trends on display. From counters and showers to hardware and lighting, there’s plenty of opportunity to infuse style—whether you want the space to match the rest of your home, or to feel like a portal into its own world.
As we look to 2026, new trends will take over bathrooms—knowing them will be important if you’re planning a renovation. Read on for seven trends that designers expect to dominate the zeitgeist, plus, some tips for integrating them into your home.
Interior designer Mikel Welch is noticing a growing interest in vanities that mimic furniture’s look, rather than being purely practical.
“Spindle legs, turned details, and heirloom-inspired profiles add warmth and charm,” he says. “Brands like James Martin Vanities are leaning into pieces that feel collected rather than built-in, which helps the bathroom read as a personal space.”
Material drenching is taking over bathrooms in 2026. Tile is now extending beyond just the shower—and even the walls. “[This] emphasizes the height of the bathroom and can make small [ones] look bigger than they are,” says interior designer Shamika Lynch. “It’s an easy luxury look to accomplish, with minimal additional effort.”
We’ll continue to embrace all things bold and vivid next year—namely, color drenching.
“We’ll see a move away from clinical white toward immersive color stories that wrap the room from trim to ceiling,” says Welch. “Muted but rich shades like olive, clay, tea rose, and dusty blue feel calm yet layered.”
One specific color Welch loves for this look? “Apollo Blue by Benjamin Moore,” he says. “It feels moody, European, and timeless, without becoming overwhelming.”
Many are forgoing classic white tile in favor of more eclectic choices, including hand-painted, Moroccan-inspired, and limestone tile. “These add artisanal warmth and texture, moving away from the cold polish of marble,” says interior designer Ayesha Usman. “Bold patterns and layered textures are making bathrooms more expressive.”
Chrome is coming back into style, but so are other metal finishes. “Metallics are all timeless, and we’ve used multiple tones throughout our designs,” says Lynch. “The common thread is that clients are mostly interested in contemporary stylings and clean lines.”
Usman suggests a combination of brass, bronze, and gunmetal. “We mostly use unlacquered brass for our projects for natural patina and [a] lived-in, aged look,” she adds.
While showers have been combined with tubs for years, Welch is expecting freestanding bathtubs to emerge as a standalone piece of self-care furniture in 2026.
“Homeowners want ritual and restoration, and the bathtub is returning as a sculptural centerpiece, rather than an optional feature,” he says. “Deep soaking tubs help create an at-home spa experience with quiet luxury energy.”
Earth tones will be more popular in bathrooms next year. “Browns, terracotta, and clay hues are replacing stark whites and grays,” Usman says.
The designer also anticipates natural textures taking over, whether it’s Roman clay or lime wash on the walls. Microcement is another material gaining steam. “[It’s a] sleek, seamless finish that works beautifully on walls, floors, and even vanities,” she says.
As we approach the end of Q4 2025, one of the most potent tax-planning tools in commercial real estate is again earning attention: accelerated depreciation. For owners, developers, and investors operating in the commercial property realm, it’s time to revisit how depreciation strategies can meaningfully impact cash flow, tax liability, and portfolio planning.
What is accelerated depreciation?
Under typical tax rules, commercial real estate buildings are depreciated over a long term—normally 39 years under the MACRS (Modified Accelerated Cost Recovery System). But accelerated depreciation refers to tactics by which components of the property are written off much faster (e.g., 5, 7 or 15 years) or in the first year via bonus depreciation.
Key enablers include:
A cost-segregation study to identify building components, fixtures, and land improvements that qualify for shorter lives.
Bonus depreciation rules (and related code provisions) that allow a large portion of eligible assets to be expensed immediately.
Why it’s back in the headlines
There are two major forces reigniting interest in accelerated depreciation:
Legislative and regulatory changes – Recent tax-law developments have boosted the importance of taking action sooner rather than later. For example, new rules under federal tax code make 100 % bonus depreciation available for qualifying assets placed in service after January 19, 2025.
Tighter cash-flow and higher cost of capital environment – With interest rates elevated and competition for quality commercial assets strong, property owners are keen to optimize tax deductions to enhance net operating income, free up liquidity and improve overall returns.
What This Means for You
Here are key implications:
Acquisition timing matters: When a property (or qualifying improvement) is placed into service can determine eligibility for full or partial bonus depreciation. Delays can mean missing the optimal window.
Importance of cost segregation: A rigorous study can move large portions of a building’s cost into shorter-life asset categories (5-, 7-, 15-year lives) and thereby accelerate depreciation. This accelerates tax deductions and improves early-year cash flow.
Mind the recapture risk: While the front-loaded deduction is beneficial, when the property is sold the depreciation taken will often be subject to recapture rules—so the long-term exit strategy must be aligned with tax planning.
Integration with other tax strategies: Accelerated depreciation doesn’t stand alone. It should sit alongside other strategic levers such as 1031 exchanges, Section 179 expensing, and active cost-management of capital expenditures.
Looking ahead
While the benefit of accelerated depreciation is strong today, changes to tax law always loom. The window of opportunity—especially for full bonus depreciation—is finite (12/31/2025) unless legislated otherwise. As with all tax-planning strategies, engaging a tax specialist or CPA is essential to navigate eligibility criteria, state-level conformity rules, asset classification and sale/exit implications.
Denver’s city government is sorting out tens of millions of dollars in fees funding affordable housing, park land and other elements of a redevelopment project transforming 55 acres of parking lots around Ball Arena, the first phase of which is expected to be completed in seven years.
In a Denver City Council committee meeting on Wednesday, arena owner Kroenke Sports & Entertainment gave new insight into the timeline for the first phase of the development. The company has stated the overall redevelopment around Ball Arena — home of the Colorado Avalanche, Denver Nuggets and Colorado Mammoth — will take up to 30 years to complete, but the high-profile first phase could be done far sooner, according to Matt Mahoney, senior vice president of development for KSE.
“We’re projecting, as of now, build-out around Ball Arena by 2032,” Mahoney said.
The first part of the project is an entertainment district north and east of the existing 19,000-seat arena.
KSE revealed plans in April showing the company intends to develop a performance venue, a hotel and two residential buildings as part of that district. Mahoney stressed that things can change, but KSE currently anticipates all four of those buildings will be built by the end of 2032.
According to KSE submittals to the city, the performance venue will be around 128,000 square feet and include space for a restaurant on the ground floor. The venue, the hotel and two residential buildings will be connected by an underground parking structure.
The first element of the project to be built will be a pedestrian bridge that will span Speer Boulevard, connecting the development to downtown. In Wednesday’s meeting, Mahoney said construction for the bridge will start next year and be completed by 2029, at the latest.
The Ball Arena development will eventually cover nearly 70 acres of prime real estate next to downtown and include a new city park, affordable housing, retail and residential space.
During the council committee meeting, council members moved several parts of the Ball Arena development plan forward.
The first clarifies the environmental requirements and easements needed to eventually give land for the project’s public park to the city parks department. The second change aims to ensure the around 1,000 units of affordable housing in the project are spread out throughout the neighborhood by capping the number of units that can be part of the two fully affordable buildings that are part of the project.
“We’re adding a term in there of just limiting 300 units in two of the all-affordable towers when they get built, so that we also are limiting the size of the affordable units on the site and but then also making sure that there’s integration of affordable units to the balance of the site, trying to avoid the concentration,” Andrew Johnston, of Denver’s Department of Housing Stability, said at the meeting.
Mahoney added that the plan is to make 18% of the units in each building income-restricted.
The committee also approved a linkage fee and escrow structure under which KSE will pay about $39 million in fees on the Ball Arena project to be used by the city to support affordable housing.
For the River Mile development next door to the arena property, which KSE obtained full ownership of in June, the city will hold funds paid by KSE in escrow to help build affordable housing on the River Mile site.
To do that, the city is creating a special revenue fund to manage the accounts that will be held by ColoTrust.
“It is loosely understood and hopeful that probably the linkage fees will be used to support two towers that includes deeply affordable, including maybe some permanent supportive housing that’s required,” Johnston said.
You’ve got big plans for 2026. But what you do this year could be the difference between a smooth sale and a stressful one. If you’re thinking of selling next spring (the busiest season in real estate), the smartest move you can make is to start prepping now. As Realtor.com says:
“If you’re aiming to sell in 2026, now is the time to start preparing, especially if you want to maximize the spring market’s higher buyer activity.”
Because the reality is, from small repairs to touch-ups and decluttering, the earlier you start, the easier it’ll be when you’re ready to list. And, the better your house will look when it’s time for it to hit the market.
Talk to any good agent and they’ll tell you that you can’t afford to skip repairs in today’s market. There are more homes for sale right now than there have been in years. And since buyers have more to choose from, your house is going to need to look its best to stand out and get the attention it deserves.
Now, that doesn’t mean you have to do a full-on renovation. But it does mean you’ll want to tackle some projects before you sell. Your house will sell if it’s prepped right. And you don’t want to be left scrambling in the spring to get the work done.
Because here’s the advantage you have now. If you start this year, you’ll be able to space those upgrades and fixes out however you want to. More time. Less stress. No sense of being rushed or racing the clock.
Whether it’s fixing that leaky faucet, repainting your front door, or finally replacing your roof, you can do it right if you start now. And you have the time to find great contractors without blowing your budget or paying extra for rushed jobs.
To figure out what’s worth doing and what’s not in your market, you need to talk to a local agent early. That way you’re not wasting your time or money on something that won’t help your bottom line. As Realtor.com explains:
“Respondents overwhelmingly agree that both buyers and sellers enjoy a smoother, more successful experience when they start early. In fact, a recent survey reveals that, for sellers, bringing a real estate agent into the process sooner can pay off significantly.”
A skilled agent can tell you:
And having that information up front is a game changer.
To give you a rough idea of what may come up in that conversation, here are the most common updates agents are recommending today, according to research from the National Association of Realtors (NAR):
Just remember, what’s worth updating really depends on the homes you’re competing with in your market. Some areas don’t have a ton of inventory, so little updates may be all you need to tackle. In other areas, there are far more homes for sale, so you may need to do a bit more to make your house stand out.
Your agent will walk you through what you need to do for your specific house and market. And that’s expertise that’ll really pay off.
If 2026 is your year to sell, the work starts now. Taking some time to prep means you’ll hit the market confident, ready, and ahead of other sellers who waited until January to get started.
Want to know which projects are getting the biggest return on their investment in your market? Connect with a local agent so you can head into next spring with a solid game plan.