As the commercial real estate landscape navigates a complex economic terrain, industry leaders are cautiously optimistic about the year ahead, signaling potential recovery and strategic transformation.

The latest insights from a comprehensive Deloitte survey of 850 global real estate executives reveal a nuanced outlook for 2026. While slightly less optimistic compared to previous projections, 83% of respondents still expect revenue improvements by year's end, compared to 88% in the previous survey. Notably, 68% anticipate higher expenses, reflecting a measured approach to financial planning in an evolving market.

Cushman & Wakefield's forecast highlights a renewed momentum in the U.S. commercial real estate sector, driven significantly by technological advancements, particularly artificial intelligence. Kevin Thorpe, the firm's chief economist, emphasized a meaningful shift in market tone: 'We've moved past peak uncertainty, and confidence in the commercial real estate sector is building. Capital is flowing again, interest rates are declining, and leasing fundamentals are stabilizing.'

Economic challenges have not been insignificant. Increased tariffs and immigration restrictions have raised costs for builders and developers, creating additional complexities. However, declining interest rates are gradually unlocking capital, albeit with careful, selective deployment. PwC underscores this trend, noting that the current deal environment 'rewards those who can combine data-driven insight with strategic conviction.'

Different asset classes are experiencing varied trajectories. While office demand appears to be bottoming out, industrial sectors are showing promising growth, again largely attributed to AI's transformative potential. Colliers predicts the industry is 'entering a new equilibrium,' with capital re-engaging in strategic opportunities.

The survey results paint a picture of cautious optimism. While investment expectations have slightly tempered—with investor expectations for increasing commercial real estate investments declining in most sectors except retail—the overall sentiment remains more positive than the challenging landscape of 2023.

As 2026 approaches, the commercial real estate sector stands at an interesting crossroads. Technological innovation, strategic capital deployment, and adaptive business models will likely define success in this evolving landscape. The industry's resilience, demonstrated through uncertain economic conditions, suggests a potential for measured, thoughtful growth in the coming year.