Commercial Real Estate Leaders' Outlook for 2026: A Survey Analysis

Commercial Real Estate Sentiment for 2026

• 📉 Commercial real estate leaders are slightly less optimistic heading into 2026 compared to the previous year, according to a Deloitte survey.
• 📊 Only 83% of respondents expect revenue improvement by the end of 2026, down from 88% last year.
• 💰 Fewer respondents also plan to increase spending, with 68% anticipating higher expenses.

Office Sector Outlook

• 🏢 The office sector appears to have bottomed out, with vacancy rates projected to drop below 18% as tenant demand increases.
• ✨ There's a continued flight to quality, leading to near-full occupancy in Class A buildings in many markets.
• 🏗️ Office construction is at its lowest level in over three decades.

Multifamily Market Trends

• 🏘️ Multifamily rents are beginning to ease due to a record supply entering the market.
• 📈 While multifamily has dominated investment sales volume since 2015, its share is expected to slightly decrease.
• ⚖️ Investors are reallocating capital towards sectors like office, data centers, and retail.

Data Centers: A Bright Spot with Challenges

• 💡 Data centers are identified as a clear bright spot in the US commercial real estate landscape.
• 🚀 Nine major global markets show 100% pre-leasing for new construction pipelines.
• ⚠️ However, the sector faces headwinds in financing, grid capacity, zoning, and local politics.