2026 Commercial Real Estate Outlook

The 2026 Commercial Real Estate Outlook highlights a cautious optimism in the industry, as global macroeconomic volatility, policy uncertainty, and elevated interest rates have tempered the pace of recovery. Despite stabilization in property values and some improvement in debt capital availability, industry leaders are wary of persistent risks related to capital,refinancing, and regulatory changes.

Investment sentiment remains upbeat, especially for digital infrastructure, selective office, and alternative asset types, with the US continuing as a top target market. Strategic partnerships, flexible capital commitments, risk management, and measured AI adoption are seen as essential strategies for navigating the next 12 to 18 months.

Key Takeaways:

• Macroeconomic and policy uncertainty continues to delay full Commercial Real Estate (CRE) recovery, but optimism persists.
• Most global leaders expect improved revenues, expenses, and property fundamentals through 2026.
• Data centers, logistics, and specialized office space are top investment targets.
• Flexible and selective capital allocation is critical as early-mover advantages diminish.
• Alternative asset classes, like healthcare and telecom, are gaining ground in portfolios.
• Loan maturity pressures and rising borrowing costs pose refinancing challenges.
• New loans offer improved terms as private credit sources and select lenders return to the market.
• Partnerships, alliances, and joint ventures enable scale, diversification, and access to new opportunities.
• AI adoption grows, but effective implementation relies on targeted use, robust data, and risk management.
• Commercial Real Estate leaders should proactively stress-test portfolios, implement consistent standards, and keep agility central to strategy.

Explore the Outlook’s results here: 2026 commercial real estate outlook | Deloitte Insights.