A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.The 2025 economy wasn’t as robust as anticipated — and that’s shaping the commercial real estate outlook for 2026. The economy has slowed down, unemployment is up and construction has taken a bit of a breather across most sectors. This year saw increases in both tariffs and immigration restrictions. Together, those have raised costs for builders and developers. But interest rates have also come down, which is starting to unlock more capital, albeit slowly and cautiously. Here’s what you can expect for the year ahead. General investmentThe many and varied outlook reports from just about every commercial real estate firm out there, as well as related consulting and financial services firms, use words like “new equilibrium” (Colliers), “firmer fundamentals” (Cushman & Wakefield), “ongoing recovery” (KBW) and “signs of price stability” (CoStar).Looking at specifics for the year ahead, CRE leaders are slightly less optimistic than they were ahead of 2025, according to a Deloitte survey of 850 global chief executives and their direct reports at major real estate owner and investor organizations across 13 countries. Eighty-three percent of respondents said they expect their revenues to improve by the end of 2026 compared with 88% last year. Fewer respondents said they plan to increase spending, while more expect to keep spending flat. Still, 68% said they anticipate higher expenses in 2026.Most respondents said they do expect the cost of capital to improve, and growth is expected across most asset classes. Overall sentiment is down from last year but well above that of 2023, according to the Deloitte survey.Get Property Play dire …
