Commercial real estate financing in Chicago dropped 13% in the first six months of 2017, CrediFi found in a recent report on Chicago lending.
Windy City loan originations for commercial properties slumped from $12 billion in the first half of 2016 to $11 billion in the first half of this year.
It’s a trend that’s not unique to Chicago.
Commercial real estate financing also has been down in New York City, where originations declined 17% from 2015 to 2016. Though loan origination remained flat in the first half of this year, it likely would have fallen in Q2 had it not been for several unusually large deals.