Based on soft-quote and term-sheet loan quotes on office properties nationally, priced as permanent financing, from May through August 2026. This pool spans medical office, suburban office, office park, office condo, and CBD office.
Fixed-rate quotes in this pool run from 5.49% to 7.80%, with a median of 6.50%. Floating-rate quotes, presented separately, range from 5.65% to 7.93%, with a median of 6.65%. LTV has a median of 70%, and LTC — recorded on a smaller subset — has a median of 70% as well. DSCR requirements run from 1.10x to 1.50x, with a median of 1.25x. Of the quotes where recourse type was specified, the large majority carry full recourse, with a smaller share carrying partial or burn-off structures; separately, the large majority carry personal recourse guarantees, with a modest fund/corporate-recourse and non-recourse share as well.
Geographically, this pool is concentrated in Texas and Florida, with smaller clusters in Arizona, Georgia, Oklahoma, Arkansas, and a long tail of other states.
Amortization schedules most commonly run 25 years, with a meaningful share also running 30 years or 20 years. An interest-only period appears on a minority of quotes, ranging from 3 to 36 months. Loan sizes in this pool range from $1,000,000 to $9,500,000, with a median loan amount of $2,925,200.
| Metric | Range | Median |
|---|---|---|
| Fixed rate | 5.49% – 7.80% | 6.50% |
| Floating rate | 5.65% – 7.93% | 6.65% |
| LTV | 42% – 100% | 70% |
| LTC | 41% – 90% | 70% |
| DSCR | 1.10x – 1.50x | 1.25x |
| Recourse (of specified) | Mostly full, some partial/burn-off | — |
Fixed rate by asset type
| Asset type | Range | Median |
|---|---|---|
| Medical Office | 5.62% – 7.80% | 6.50% |
| Suburban Office | 5.49% – 7.55% | 6.60% |
| Office Park | 5.95% – 7.46% | 6.50% |
| Office Condo | 6.00% – 6.85% | 6.38% |
Fixed rate by state
| State | Range | Median |
|---|---|---|
| Texas | 5.49% – 7.00% | 6.25% |
| Florida | 5.95% – 7.80% | 6.50% |
| Arizona | 6.12% – 7.45% | 6.80% |
| Arkansas | 6.08% – 6.67% | 6.48% |
| New Jersey | 6.25% – 7.10% | 6.96% |
| South Carolina | 5.75% – 6.60% | 6.33% |
| Georgia | 6.05% – 7.46% | 6.50% |
| Oklahoma | 6.50% – 7.50% | 6.95% |
| Missouri | 6.50% – 6.60% | 6.60% |
Fixed rate by loan size
| Loan Size | Range | Median |
|---|---|---|
| $1M – $5M | 5.49% – 7.55% | 6.50% |
| $5M+ | 6.00% – 7.80% | 6.53% |
Unlike some property types, loan size barely moves the median here — $5M+ office deals price almost identically to the $1M–$5M band, just 3 bps apart.
Fixed rate distribution
| Band | Share of fixed-rate quotes |
|---|---|
| 5.00% – 6.00% | A small share |
| 6.00% – 6.50% | About a third |
| 6.50% – 7.00% | About a third |
| 7.00%+ | A meaningful tail |
Most fixed-rate office quotes in this pool fall between 6.00% and 7.00% — a tighter band than the full 5.49%–7.80% spread suggests.
Medical office is both the largest cohort here and prices right at the pool-wide median (6.50%), while suburban office runs about 10 bps wider (6.60%) — a small but consistent premium likely tied to more variable tenant/lease-rollover risk relative to owner-occupied and healthcare-anchored medical space.
Texas prices noticeably tighter than the rest of the pool (6.25% median) despite being the largest single-state cohort — a reminder that high quote volume in a market doesn't necessarily mean wider spreads; it can just as easily reflect a deep, competitive lender base.
FAQ
What fixed rates is Lev seeing on office permanent loans right now?
Lev is seeing a median of 6.50%, with most quotes falling between 6.00% and 7.00%.
What about floating-rate quotes?
Lev is seeing floating-rate quotes range from 5.65% to 7.93%, with a median of 6.65% — roughly 15 bps wider than fixed at the median.
Does the office subtype affect pricing?
Somewhat. Medical office prices at the pool median (6.50%), suburban office runs about 10 bps wider (6.60%), and office condo — the smallest well-sampled cohort — comes in tightest at 6.38%.
What LTV and DSCR is Lev seeing required?
Lev is seeing a median LTV of 70% and a median DSCR of 1.25x across this pool.
Where is office lending activity concentrated right now?
Lev is seeing the largest clusters in Texas and Florida, which together account for roughly half of the fixed-rate quotes in this pool.
