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Real Estate Market Update: 2026 Mid-Year Outlook

Navigate the Second Half of 2026 with Confidence

Understand the forces shaping commercial real estate performance across sectors, markets, and capital structures at mid-year.

The commercial real estate market has split. Some sectors are clearing. Others are still working through repricing, maturity pressure, and weaker operating fundamentals. For investors, lenders, and operators, knowing where you stand within that divide is critical.

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Real Estate Market Update Cover

This report, produced in collaboration with Trepp,
cuts through the complexity to give you clarity on the conditions shaping CRE halfway through 2026.

a close-up of a computer tower

Inside you'll find insights including:

  • Capital Markets and the Cost of Capital: This cycle is less a simple demand story than a capital structure story — examining which assets are clearing and which remain exposed in a higher-rate environment. 
  • Property Pricing and Delinquency: The broad repricing phase is largely complete at mid-market, but the CMBS delinquency picture beneath the surface tells a more layered story; one that varies by property type and reflects the scale of extend-and-pretend still working through the system. 
  • Sector-by-Sector Performance: How office, retail, multifamily, lodging, and industrial are performing across eight major US markets, with detailed data on occupancy trends and cap rates. 
  • Regional Breakdowns: Performance across established gateway cities and high-growth Sun Belt and Mountain West geographies, highlighting where fundamentals remain sound and where compounding pressures persist. 

What This Means for the Rest of 2026

Not all repricing tells the same story, and knowing the difference is critical as we head into the second half of the year. Access the full report to understand where your assets, markets, and decisions stand.

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Our report examines the capital markets conditions, property pricing trends, delinquency data, and sector-by-sector performance shaping commercial real estate at mid-year 2026.