The month of January was unprecedented in terms of commercial mortgage-backed securities activity levels with four CMBS transactions pricing at $5.2 billion, according to a report from the Royal Bank of Scotland.

Analysts with the research firm wrote: “If we include single borrower and large loan transactions, a total of $8.8 billion was issued.”

At this rate, 2013 issuance could reach as high as $65 billion and may even go higher with $80 billion in issuance within reach this year, RBS said. If the $80 billion issuance level is accomplished, it will be the highest level reached since 2004.