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Only 11% of the $755M in office CMBS loans that matured in September were paid off, with roughly half of the remaining debt securing extensions from special servicers. It was a paltry payoff rate even compared to the 31% rate for the year through September, according to Moody’s. And it was a sign of the times.

MARKET OUTLOOK by CRE DAILY Optimism Rises in Q424 for CRE Investors as Market Edges Into Expansion We’re excited to share the latest results from the 4Q24 Burns + CRE Daily Fear and Greed Index, reflecting U.S. commercial real estate investor sentiment. The index rose to 56, up from 53 in 3Q24, indicating a shift into expansion territory. Investment activity: For the first time in the survey's history, more investors are increasing their CRE exposure in 4Q24 than reducing it. In fact, 50% plan to invest more in the next six months. Multifamily remains a favorite (65% plan to increase exposure), while Office lags at just 19%. Still, 43% of investors remain in wait-and-see mode.