Commercial and multifamily lending grew 16% year-over-year in Q2 2026, driven by strong office (47%) and retail (61%) loan originations. CMBS and depository lenders led the surge, while government-sponsored enterprises and life insurers reduced activity. Industrial lending rose 38% quarter-over-quarter, but health care property originations fell 19%. The recovery shows improving capital flows and selective underwriting amid ongoing sector volatility.