2026 CRE Investment Outlook

The Survey

Deloitte's 2026 Commercial Real Estate Outlook collected input from over 850 global chief executives and their direct reports at major real estate owner and investor organizations across 13 countries. The findings paint a picture of cautious optimism.

The overall sentiment index came in at 65, a slight pullback from last year's high of 68, but still firmly positive. As one analyst noted: "Leaders still see commercial real estate as potentially a safe investment haven, given its performance during similar periods of uncertainty in the past."

Investment Intentions

The most striking finding: 75% of global respondents plan to increase their investment levels in real estate over the next 12 to 18 months. Meanwhile, 83% of surveyed leaders expect revenue increases over the same period, albeit with reduced spending plans and rising operating costs.

The United States remains the top source of outbound global investment capital as well as the primary destination. India has emerged as a major target, reflecting the country's economic growth and real estate development boom.

Key Concerns

Optimism comes with caveats. Respondents cited five primary concerns that could negatively impact their firms:

1. Capital availability
2. Elevated interest rates
3. Cost of capital
4. Currency volatility
5. Changes in tax policy

Signs of Recovery

Global investment volumes show clear signs of recovery, with the first year-over-year growth recorded in early 2025 since mid-2022. According to the Deloitte analysis: "The early-mover advantage was something we hinted at in last year's outlook, and given some early indications on property fundamentals so far through 2026, we've already likely passed the true market bottom."

Investment activity is increasing. Property pricing declines are nearing positive territory. Leasing fundamentals remain strong. The message from the market is increasingly clear: the recovery is underway.

Hot Property Sectors

Digital infrastructure assets, particularly data centers, have retaken the top spot among preferred property types. The AI boom and cloud computing expansion continue to drive demand.

Perhaps more surprising: suburban and downtown offices saw an uptick in investor interest. This reflects improved office-reentry rates and limited new supply. After years of doom-and-gloom headlines, office may be finding its footing.

Capital & Financing Trends

Private credit continues to gain ground, drawing one-third of all new capital. Traditional lenders are returning, but alternative capital sources have established themselves as permanent players in the market.

The CBRE Lending Momentum Index spiked 112% year-over-year, climbing to 1.04, a level last seen in 2018. Credit spreads are tightening. Agency lending volumes are up significantly. The debt markets are open for business.

What This Means for Deal Flow

The Deloitte survey confirms what market participants are already experiencing: deals are picking up. Capital is available. Investors are looking to deploy.

But "investors in this cycle have been extremely disciplined," according to the report. "There is capital to deploy and dry powder is in a healthy state, which is good for investing." Translation: money is available, but it's going to the best deals with the cleanest packages.