The 2019 survey on commercial lending takes place in an economic environment marked by slightly higher interest rates and a lower level of bank reserves held by depository institutions that underpin the level of lending. 56% of respondents reported an increase in net operating income in 2018, a decrease from 65 percent in the previous year’s survey. 38% of respondents reported tighter lending conditions in 2018, up from 35 percent in 2017, with a higher fraction for retail stores. 65% of respondents reported the client used debt financing to purchase a property, with higher reliance on debt financing for suburban offices and retail malls. 5% to 7% was the average interest rate on loans. Click to read more at www.nar.realtor.