2026年商业地产展望

. . .02Macroeconomic volatility and policy uncertainty may put the CREindustry recovery on pause, but not for good 20.. .Endnotes How can strategic partnerships expand access toCRE capital and diversify investment channels? To what extent could macroeconomic volatility andpolicy uncertainty impact the pace of the commer- Are CRE organizations investing in AI progress, orjust paying for promise? Is now the moment to recommit to the property Read on to find out. Where does upside exist within a bifurcated CRE Macroeconomic volatility andpolicy uncertainty may put the CREindustry recovery on pause, but not Inlast year’s commercial real estate outlook,we anticipated that 2025 could mark a recov-ery for the global CRE industry—buoyedby an expected return of deal activity, morefavorable lending terms, greater industrycollaboration, and advances in artificial intel- Navigating a pause in the recovery Results from Deloitte’s 2026 commercial real estateoutlook survey help us confirm what macroeco-nomic conditions are likely of most concern toglobal owners, investors, and the CRE industryoverall, as well as how they think their businesses,strategies, and technologies might be impacted. The played out that way, largely due to an unpredictableglobal macro environment, which may affect howsoon, and to what degree, the industry could fullyrecover in the next 12 to 18 months.Trade and regulatory uncertainties have compli-cated decision-making, prompting some leaders inthe CRE industry to rethink their approach. Wedo not expect this to abate any time soon as tradenegotiations and legal challenges continue. That When asked how our survey respondents expecttheir revenues and expenses to change for thecoming 12 to 18 months, there was a slight pullbackin optimism from last year’s survey. Eighty-threepercent of our respondents expect their revenues toimprove by the end of the year compared with 88%last year. And across all surveyed spending areas, Figure 2 Lending markets and interest rates concern surveyed CRE leaders the most for 2026 Which of the following trends do you think pose the greatest risk of negative impacts to your company’s financialperformance in the next 12 to 18 months? Selective, flexible capitalcommitments could determinesuccess in the property marketcomeback as early-mover Increasing global investmentreturns and volumes may indicatethe pendulum has swung Our survey results indicate that many leaders stillsee CRE as a potential safe investment, given itsperformance during similar periods of uncertaintyin the past. Nearly 75% of global respondents stillplan to increase their investment levels in real estateassets over the next 12 to 18 months, with mostdoing so for benefits such as the investment acting The commercial real estate property markets haveseemingly turned a corner on recent performancedownturns. Globally, investment volume declinesreduced for six consecutive quarters, and in the firstquarter of 2025, notched the first year-over-yearincrease since mid-2022.Through late June, theone-year total return for the S&P Global propertyindex (14.1%), a measure of the global investable5 Figure 3 Nearly 75% of respondents expect to increase their real estate investment mostly tohedge inflation and diversify portfolios The top CRE markets for survey respondents’ 2026 targets include the United States, India, Which of the following markets do you believe will present the greatest opportunity for real estate owners andinvestors over the next 12 to 18 months? Figure 5 Digital economy properties retake the top spot, while offices steadily gain traction Which asset classes do you believe will present the greatest opportunity for real estate owners and investors overthe next 12 to 18 months? SELECT SECTOR SPOTLIGHT Data centersremain a top-two property type foropportunity in four of our past five annual outlooks.Demand for data center locations exceeds supply,with fierce competition for space, and are oftenleased before completion.15In nine major globalmarkets, 100% of the new construction pipelineis already pre-committed.16As power constraintsmay limit growth in some key areas, new marketslike Central Washington,17Berlin,18and Singapore Meanwhile, theindustrialsector may be nearingan inflection point in the real estate market cycle.The pace of leasing activity has slowed slightly—potentially impacted in part by short-term tradeuncertainties as users reassess global supply chainroutes.19However, structural demand patterns forindustrial facilities should support measured long-term growth and users seeking specific needs have As organizations seek flexibility in their supplychains, short-term overspill space for reroutedshipments may shift traditional logistics facility Theofficesector appears to be rebounding, with both suburban and downtown office typesincreasing in our property sector rankings for thesecond consecutive year. Owner and investorinterest appears up, likely driven by pr