January 2026
This month, we take a deeper look at where the market stands today and what’s ahead for 2026.
IN THE MARKET
Welcome to 2026! Like many of you, we’ve spent the past month parsing annual forecasts from our most trusted sources, separating signal from noise to assess where the market stands and where it’s headed. After reviewing the data and debate, our house view is refreshingly simple: 2026 marks a return to supply-and-demand fundamentals as the primary drivers of commercial real estate value.
After years of excess, 2026 continues the dose of sobriety we experienced in 2025. An extended hangover followed the era of declining rates that pushed marginal (and often highly levered) investments to the brink once interest rates reset higher. In 2025, the recovery began to take shape as supply deliveries peaked, lenders re-entered the market in force, and price discovery became more functional. Today, we find ourselves in a market characterized by elevated but stable interest rates, above-average vacancy in several sectors, and modest yet durable demand.
As disciplined investors re-engage and debt markets remain liquid, transaction volumes have rebounded from cyclical lows and are expected to rise meaningfully throughout the year…
The January edition also covers growing geopolitical uncertainties, data centers’ outsized impact on the U.S. economy, and evolving office design…
Read the Full Edition Here