Investors have increased their lending activity in New York's office real estate market, with borrowing tied exclusively to New York offices in the commercial mortgage-backed securities (CMBS) market reaching $11 billion in 2025. This marks the highest level of office financings in the US securitized markets since 2021. Recent refinancing activity includes four skyscrapers securing $3 billion through the CMBS market in recent weeks. The surge in lending reflects growing confidence among investors and property developers amid stabilizing return-to-office demand. Additionally, Vornado Realty Trust has agreed to purchase an office condominium located above Saks Fifth Avenue’s flagship department store in New York. Federal Reserve Chair Jerome Powell has hinted at potential interest rate cuts, which may further influence market dynamics.