CBRE survey indicates cautious optimism driving U.S. commercial property investment in 2026

CBRE’s latest investor survey paints a cautiously upbeat picture for the U.S. commercial property market in 2026, with a large majority of institutions and private investors signalling plans to deploy fresh capital as pricing and financing conditions show signs of stabilising.

According to CBRE’s 2026 North America Investor Intentions Survey, 95 percent of respondents plan to buy as much or more commercial real estate in 2026 than they did a year earlier, and 55 percent say they will raise their real estate allocations, up from 48 percent in 2025. The firm’s public materials also highlight a sizeable cohort of investors who expect interest-rate stabilisation and potential declines in debt costs to underpin renewed activity. According to CBRE’s insights page, a separate datapoint indicated that 74 percent of investors intend to purchase more assets in 2026 than in the prior year, underscoring broad, if variably measured, appetite to expand portfolios.

“Investors are approaching 2026 with optimism about the continued recovery of commercial real estate, even as they navigate political uncertainties affecting the broader economy,” said Tommy Lee, president and co-head of capital markets, U.S. & Canada, for CBRE. “Despite these challenges, stabilizing debt costs and attractive entry points for pricing are driving investor confidence, as many see this as an opportunity to secure high-quality assets and position themselves for long-term growth.”

Geographic preferences remain tilted toward established and fast-growing markets. Dallas retains its position as the most attractive U.S. market for the fifth straight year, followed by Atlanta and San Francisco. CBRE’s reporting notes that the San Francisco Bay Area climbed six places to reach third position, while Atlanta moved up two spots. New entrants to the top 10 include Charlotte, Nashville, Tampa and Seattle, reflecting investor interest in high-growth Sun Belt metros alongside selective plays in gateway cities trading at discounts.

Multifamily assets dominate demand, with 74 percent of U.S. investors targeting that sector. Industrial and logistics rank second, pursued by 37 percent of investors, followed by retail at 27 percent and office at 16 percent. Interest in alternative asset classes such as self-storage, land, industrial outdoor storage, cold-storage and healthcare is present but limited, with roughly 11 percent of respondents signalling interest in alternatives as many favour repriced opportunities in traditional sectors.

Risk appetite is skewing toward moderate-return strategies. Two-thirds of investors prefer value-add or core-plus approaches, while core allocations have grown modestly. Appetite for opportunistic, distressed and pure debt plays has waned, the survey shows, as managers seek steadier risk-return profiles amid an evolving cycle.

Financing behaviour reflects a desire for continuity and caution. More than 70 percent of investors expect to keep debt-to-equity ratios broadly unchanged from last year, and nearly half indicate they would tolerate a year of negative leverage if necessary. Key headwinds named by respondents include uncertainty over the future direction of interest rates and the prospect of smaller refinanced loans due to lower capital values. Nevertheless, mezzanine financing, mortgage financing and secured loans remain areas of investor interest as ways to access or intermediate risk.

CBRE framed the findings within its broader research and advisory offerings, pointing to data-led platforms that aim to help investors calibrate allocations and source opportunities. Industry commentary accompanying the release emphasises a bifurcated strategy: chasing growth in Sun Belt markets while hunting for value in gateway cities where pricing dislocation persists.

Taken together, the survey suggests investors are preparing to re-engage the market in 2026, favouring high-quality assets and moderate-risk strategies while remaining attentive to financing risks and macroeconomic uncertainty.