- CRE capital availability is strong as investors seek new prospects and loan maturities are extended.
- Office asset volume and pricing led all classes in 2025, reversing earlier declines.
- CMBS issuance exceeded $100B for the third year, with single-asset deals dominating.
- Foreign investment in US CRE is expected to rebound as pricing resets and opportunities expand.
Investor Momentum Builds
CRE capital markets are positioned for a busier 2026, according to Colliers’ new outlook. After a lengthy period of caution, capital is available, investors are actively pursuing new opportunities, and lending conditions are improving. Notably, Globe St reports that office sector activity surged in 2025, leading all other asset classes in transaction volume and pricing growth.
CMBS and Lending Trends
CMBS issuance in 2025 reached post-financial crisis highs, with more than $100B in deals projected again for 2026. Most activity focuses on single-asset, single-borrower transactions, and billion-dollar deals are increasingly common. Lenders prefer extending loans rather than repossessing properties, particularly if interest rates trend lower, providing much-needed borrower relief as over $1T in loan maturities comes due in 2026.
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Foreign Capital Eyes US CRE
Following a slowdown, foreign investors are set to return to US CRE capital markets in larger numbers. After hitting their lowest levels in over a decade, Colliers notes that reset pricing is once again making US portfolios and trophy office assets attractive to global buyers. This could drive new acquisitions and portfolio deals across major markets.
Market Outlook and Sales Growth
Overall CRE sales have improved only modestly, but trade activity is rising and sidelined capital is beginning to move. Colliers forecasts a 15–20% increase in total CRE sales volume in 2026. Pricing has stabilized, and most asset classes should see low to mid-single-digit value gains as sentiment in capital markets improves.
