JLL is cautioning commercial real estate stakeholders to prepare for another demanding year in the building sector, as a mix of policy shifts and economic crosscurrents continues to complicate planning. A murky 2026 outlook: According to the firm’s new forecast, the construction industry isn’t expected to gain stable momentum next year. Ongoing volatility in trade…

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After several bruising years defined by rising vacancies, declining values, and stalled deal flow, the office sector finally showed signs of life in 2025. Sharp price resets—some of the most significant in modern CRE history—opened the door for sidelined capital to re-engage, creating a measurable pickup in investor activity and hints that the market may…

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After several years of sluggish performance, commercial real estate may be shaping up as a value opportunity—especially as stock markets look frothy and investors question whether AI enthusiasm has gone too far. How CRE lost momentum: Institutional capital, once the primary driver of the CRE market, has largely remained on the sidelines. Even after five…

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Multifamily continues to deliver the strongest performance in the commercial property universe, but the real story is what may unfold in 2026 as financial headwinds ease and cap rates finally begin to compress. Multifamily still leading: The sector posted a 5.48% annual return in Q3, once again outperforming the NCREIF All Property Index—its sixth consecutive…

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The latest data from Trepp shows October brought another wave of distress across the CMBS landscape, signaling that what began as an office-sector problem is now becoming a broader market challenge. Widening cracks: In October 2025, the overall CMBS delinquency rate climbed 23 basis points to 7.46%, driven by a $1.1 billion rise in delinquent…

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The Mortgage Bankers Association (MBA) is forecasting a major rebound in commercial and multifamily lending next year, signaling renewed momentum across the CRE sector. A Comeback Year: Total commercial and multifamily loan originations are expected to climb 24% year-over-year in 2025, reaching roughly $827 billion. Within that total, multifamily lending is projected to rise 16%…

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Lending momentum accelerated sharply in Q3, climbing to its strongest level since 2018, according to CBRE’s latest Lending Momentum Index. The index jumped 112% year-over-year to 1.04, driven by a 36% increase in permanent financing volume and robust September activity—clear signs that the debt markets are gaining traction again. Improved loan terms, narrower bid-ask spreads,…

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As borrowing costs stay elevated, investors are gravitating toward smaller, older apartment buildings—and favorable agency financing appears to be a major factor. Two markets, two directions: While office sales in 2025 largely reflect the age of their existing supply (mostly 1980s-era buildings), the multifamily story looks very different. Many of this year’s apartment trades involve…

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Banks across the U.S. are racing to restructure struggling commercial real estate (CRE) loans as higher interest rates and declining property values tighten the pressure on borrowers and lenders. Modification momentum: According to data from the St. Louis Fed, the total value of modified CRE loans jumped 66% year-over-year through June 2025. These adjustments—ranging from…

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