KBRA Credit Profile Releases CREFC June Conference 2025: Day 3 Recap

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June 12, 2025 11:30 AM EDT

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NEW YORK--(BUSINESS WIRE)-- KBRA Credit Profile (KCP), a division of KBRA Analytics, releases its Day 3 recap of the Commercial Real Estate Finance Council (CREFC) June Conference 2025.

Key Takeaways

Labor cost inflation remains a major development obstacle, particularly as stricter immigration enforcement contributes to staffing shortages and project delays.
Rising operating expenses are prompting CRE owners to defer nonessential capital improvements, especially in multifamily, to protect cash flow.
Tariffs remain a wildcard for CRE, with panelists expressing mixed views on their potential impact and stressing the importance of trade policy stability for market confidence.
Although new hotel development can cost up to 40% more than acquiring existing assets, newer properties often outperform due to sponsor experience and market expertise.
Upscale and luxury hotels are outperforming limited-service segments, supported by affluent consumer demand and fewer deferred maintenance issues.
Office lending is showing signs of life, led by commercial mortgage-backed securities (CMBS), with office potentially growing to 25% of conduit issuance.
Recapitalizations remain a key theme for aging office stock, with family offices and sovereign wealth funds stepping in as private equity holds back.

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About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

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