Dallas, Texas—CBRE released its 2026 North America Investor Intentions Survey, which found that investors are preparing to deploy more capital into the commercial real estate market in 2026, supported by stabilizing pricing expectations, improved fundamentals, and optimism about declining debt costs.
According to the survey, which covered all asset types, 95 percent of investors plan to buy more than or as much commercial real estate assets as they did last year. This growth will be fueled by additional capital, with 55 percent of investors planning to increase their capital allocation to real estate this year, up from 48 percent in 2025.
“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.”
Top Markets for Investment
- Dallas, Texas, remained the most attractive market for U.S. investors for the fifth consecutive year, followed by Atlanta, Georgia, and San Francisco, California.
- New entrants to the top 10 most attractive markets included Charlotte, North Carolina; Nashville, Tennessee; Tampa, Florida; and Seattle, Washington.
- Investors remained focused on high-growth Sun Belt markets, while simultaneously pursuing discounted opportunities in gateway cities.
Preferred Property Types
- Multifamily remained the most sought-after property type by a wide margin, with 74 percent of U.S. investors targeting this sector.
- Industrial & logistics was the second most-preferred sector, targeted by 37 percent of U.S. investors, followed by retail (27 percent) and office assets (16 percent).
- High-quality assets across all property types remained the top priority for investors.
- Among alternative assets, self-storage, land, industrial outdoor storage, cold storage, and healthcare were most favored. However, only 11 percrny of investors indicated they are interested in alternative assets, preferring to focus on repriced opportunities in traditional sectors.
Investment Strategies
- Value-add and core-plus were the preferred strategies, chosen by two-thirds of investors, reflecting a preference for moderate-risk opportunities with higher returns.
- Core strategies gained modest traction, while opportunistic, distressed, and debt strategies declined.
- Investors said they would be adapting their strategies as the market cycle evolves, favoring moderate-risk opportunities with higher returns.
Debt and Financing Trends
- Over 70 percent of investors said they planned to maintain the same debt-to-equity ratios as last year.
- Nearly 50 percent of investors said they were willing to endure one year of negative leverage.
- Key challenges for investors include:
- Uncertainty about interest rate direction
- Reduced size of refinanced loans due to lower capital values
- Investors remained focused on direct real estate equity investments to capitalize on favorable pricing.
- Interest in mezzanine financing, mortgage financing, and secured loans also remained strong.
