The only asset, single borrower (SASB) market continues to strengthen its dominance in U.S. CMBS, increasing in scale and scope as rising complexity demand disciplined credit score selectivity, Fitch Scores reported. SASB issuance reached $91.1 billion in 2025, up practically 30% year-over-year and accounting for 72.5% of complete U.S. CMBS quantity, rising to roughly 78.5% by way of YTD Might 2026.
Common transaction dimension has elevated since 2023, pushed by multibillion-dollar institutional financings. Median transaction dimension has remained steady. Fitch mentioned the hole exhibits the market is increasing at each ends. Giant trophy belongings are pushing issuance quantity increased, whereas smaller offers that had been traditionally absent from the SASB channel have additionally entered the market.
Workplace dominates in quantity but in addition represents the best supply of credit score stress, Fitch mentioned. The sector accounts for almost all of downgrades and Detrimental Ranking Outlook focus, underscoring a deep and widening high quality bifurcation inside the sector.
Pictured: Uber’s San Francisco headquarters, refinanced in 2025 with a $500-million SASB mortgage.
