Nearly half of all commercial real estate loan maturities expected to hit this year were pushed back from years prior as the extend-and-pretend game continues.

Lenders extended $384B of loans from previous years into 2025, according to a new report from Colliers based on data from the Mortgage Bankers Association.

That is a 42% increase from 2024's total of $270B and accounts for roughly 40% of the $957B in commercial real estate debt coming due in 2025. The continued pattern of extensions suggests that loans are not being paid off but instead pushed forward, per Colliers’ analysis.

“Loan maturities, which have been a focal point of investors for the last several years, will continue to be an area of focus into the future,” said Aaron Jodka, a director of research for Colliers’ U.S. capital markets division.

“Data would suggest we are not” done with extend-and-pretend, he told Bisnow.

Roughly $125B, or 54%, of CMBS maturities expected to hit this year come from previously extended loans.

Multifamily had the highest volume of extensions at $97M, accounting for a third of the $310B in 2025 maturities. Roughly 55% of industrial loans hitting maturity this year were extended from last year, Colliers estimates, the highest ratio of any asset class.

Office owners scored a total of $85B in extensions, representing 45% of the $187B of 2025 maturities.

Pessimism about the office sector that has pervaded since the pandemic began five years ago may no longer be warranted, Jodka said, with plenty of buildings now at a point where their occupancy and cash flow levels are healthy — but owners still may not be able to pay off a loan issued years before at lower interest rates.

“Coming up with $400M, let's say, on a theoretical loan, is not an easy thing to do today,” he said. “So extending another year, extending two years, to allow for continued market clarity is something that lenders have been doing and continue to do.”

More than $1B in office loans have been extended in Manhattan in just the past month, including a $525M CMBS loan at 150 E. 42nd St.

Lenders may start to force sales, initiate foreclosures or seek alternatives beyond extensions. Foreclosures surged last year and are showing no signs of slowing down in 2025. But for the most part, Colliers expects to see yet more maturities kicked down the road, with another $663B slated for 2026.

“It's somewhat like a carousel, in that last year we had record-setting maturities, and then you come into 2025 and guess what? We have record-setting maturities,” Jodka said. “And I bet you next year, in 2026, we'll have record-setting maturities.”