Investors are preparing to deploy fresh capital into U.S. commercial real estate in 2026, driven by stabilizing asset values, improving operating fundamentals, and growing confidence that borrowing costs are nearing their peak, according to a study conducted by CBRE Group.
CBRE’s 2026 North America Investor Intentions Survey, which covered all major property types, found that 95% of respondents plan to maintain or increase their acquisition of commercial real estate compared to 2025.
The results also revealed that more than half of investors (55%) intend to increase capital allocations to the sector, up from 48% the previous year, reflecting a broad-based recovery in confidence following a prolonged period of market repricing.
Tommy Lee, Head of U.S. and Canada Capital Markets at CBRE, noted that investors have entered the year with a more optimistic outlook on the recovery of the commercial real estate market despite ongoing political and economic challenges. The stabilization of debt costs, along with attractive acquisition opportunities for high-quality assets positioned for long-term growth, is helping to strengthen investor confidence.
Sun Belt Leads the Way
Dallas ranked as the most attractive investment market for the fifth consecutive year, followed by Atlanta and San Francisco. Charlotte, Nashville, Tampa, and Seattle entered the top ten for the first time, reflecting renewed interest in fast-growing Sun Belt cities and a reassessment of investment opportunities in major metropolitan markets.
Multifamily Properties Remain on Top
Multifamily residential properties continue to be the most favored asset class among U.S. investors, with a preference rate of 74%. Industrial and logistics properties ranked second at 37%, followed by retail at 27% and office properties at 16%. This highlights ongoing investor caution toward the office sector despite relative improvement in certain other segments.
Across all property types, investors showed a clear preference for high-quality assets, underscoring a shift toward a more selective investment approach. In terms of alternative investments, sectors such as self-storage, cold storage, and healthcare emerged as some of the most attractive. However, only 11% of respondents confirmed plans to invest in these areas, preferring instead to focus on traditional property sectors.
Debt Conditions Remain Influential
Approximately 70% of survey participants stated that they plan to maintain debt-to-equity ratios at the same levels as last year, while about half indicated a willingness to tolerate one year of negative leverage. Nevertheless, challenges persist, including uncertainty surrounding interest rate movements and declining financing returns due to lower property valuations.
Despite these challenges, investors continue to prioritize direct investments to capitalize on available pricing opportunities, while interest in mezzanine financing, mortgage loans, and secured lending remains strong.
