CMBS · Commercial Mortgage-Backed Securities
Securitized commercial real-estate debt, one of the two capital-markets channels through which stabilized data-center assets get refinanced at scale.
Current numbers
~$26B (ABS+CMBS) → $30–40B/yrUS data-center securitization in 2025 (ABS + CMBS) and projected 2026-27 gross supply