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GWL Realty Advisors

2026 Real Estate Market Perspectives: On the Cusp

The annual outlook reviews Canadian commercial real estate fundamentals and investment themes across the office, industrial, multifamily and retail sectors.

OfficeIndustrial & LogisticsMultifamilyCanadaSource
John Burns Research and Consulting

CRE Capital Markets Are Tightening

John Burns Research and Consulting analyzes tightening commercial real estate capital markets, covering inflation, Sunbelt rental growth and shifting build-to-rent policy across the apartment sector.

MultifamilyCapital MarketsDebt & FinancingU.S. NationalSource
Apartment List

Apartment List National Rent Report

The monthly national rent benchmark reports a median rent of 1,379 dollars, up 0.5 percent in May 2026 and the fourth straight monthly increase entering the summer leasing season. National rents remain down 1.5 percent year over year and 4.4 percent below the 2022 peak.

MultifamilyU.S. NationalSource
Arbor Realty Trust

Small Multifamily Investment Trends Report Q2 2026

The report finds small multifamily prices and lending activity continuing to recover, supported by steady rent growth, rising occupancy and declining expense ratios that have lifted average net operating incomes.

MultifamilyCapital MarketsDebt & FinancingU.S. NationalSource
Newmark

1Q26 U.S. Multifamily Capital Markets Conditions & Trends

Multifamily posted strong absorption and slowing deliveries in 1Q26, while debt market liquidity remained robust with originations up 46% year over year.

MultifamilyCapital MarketsDebt & FinancingU.S. NationalSource
CBRE

Q1 2026 U.S. Multifamily Figures: Vacancy Rate Falls Amid Rebounding Demand

Net absorption totaled 78,100 units in Q1 2026 and the national vacancy rate fell 20 basis points to 4.8%, with deliveries down 30% year over year as supply moderated.

MultifamilyU.S. NationalSource
Colliers

U.S. Capital Markets Multifamily Report, 2026 Q1

Colliers' multifamily capital markets report covers investment volumes, pricing and debt conditions as the apartment sector emerges from its cyclical trough.

MultifamilyCapital MarketsU.S. NationalSource
Yardi Matrix

Yardi Matrix Reports Modest U.S. Multifamily Rent Growth in Q1 2026

Average advertised rent rose $4 in Q1 2026, a 0.2% gain and the weakest March growth since 2012, as heavy supply and slowing absorption weighed on the market.

MultifamilyU.S. NationalSource
Arbor Realty Trust

Top Markets for Multifamily Investment Report Spring 2026

The semiannual ranking identifies the strongest U.S. metropolitan markets for multifamily investment based on demand, supply and economic fundamentals.

MultifamilyCapital MarketsU.S. NationalSource
Mortgage Bankers Association

Commercial and Multifamily Mortgage Debt Outstanding Increased to $4.99 Trillion in Fourth-Quarter 2025

Commercial and multifamily mortgage debt outstanding rose 1.5 percent, or 75.2 billion dollars, to 4.99 trillion dollars in the fourth quarter of 2025. Multifamily debt grew 57.3 billion dollars during the quarter and 142.9 billion dollars for the full year.

Debt & FinancingMultifamilyCapital MarketsU.S. NationalSource
Apartment List

Apartment List Renter Migration Report: 2026

The annual migration study analyzes the search preferences of users who registered between January and December 2025 to map where renters are moving across US metros. It highlights the metros gaining and losing renter interest amid affordability pressures.

MultifamilyU.S. NationalSource
Walker & Dunlop

Housing at a crossroads: uneven demand and a delayed recovery

The piece describes a multifamily recovery defined by constrained supply and selective capital, taking longer than many anticipated, with rising resident retention.

MultifamilyEconomyU.S. NationalSource
Yardi Matrix

Yardi Matrix Revises 2026-28 U.S. Multifamily Completions Forecast Upward

Yardi Matrix revised its multifamily completions forecast upward, projecting roughly 450,000 units delivered in 2026, a drop from recent years but not enough to push rents to robust levels.

MultifamilyU.S. NationalSource
Clarion Partners

U.S. Quarterly Market Update: 4Q 2025

Clarion's quarterly update reviews U.S. property fundamentals and capital markets activity. Total returns in the expanded NCREIF Property Index were positive for five consecutive quarters through the third quarter of 2025.

Capital MarketsIndustrial & LogisticsMultifamilyU.S. NationalSource
GWL Realty Advisors

Ready. Set. Go. 2025 Annual Review

The annual review summarizes GWL Realty Advisors portfolio performance, development pipeline and investment activity across Canadian real estate sectors for 2025.

OfficeIndustrial & LogisticsMultifamilyCanadaSource
Walker & Dunlop

Multifamily market transitions present attractive investment opportunities

Walker & Dunlop Investment Partners argues the transition phase in multifamily offers attractive entry points as fundamentals improve and new supply declines.

MultifamilyCapital MarketsU.S. NationalSource
Green Street

Green Street Releases 2026 Annual Sector Outlooks

Green Street published its 2026 annual sector outlooks with market forecasts across U.S. property types. The reports deliver supply, demand and pricing projections for institutional investors.

Capital MarketsIndustrial & LogisticsMultifamilyU.S. NationalSource
Fannie Mae

Fannie Mae Expands U.S. Rental Housing Supply Through Nearly $74 Billion in Multifamily Loan Production Volume in 2025

Fannie Mae provided approximately $74 billion of multifamily financing in 2025, up 34 percent year over year, including more than $8.3 billion in affordable housing and $1.9 billion in manufactured housing, marking its largest annual multifamily volume since 2020.

MultifamilyAffordable HousingManufactured HousingU.S. NationalSource
Yardi Matrix

Matrix Multifamily National Report, January 2026

Yardi Matrix reports average advertised asking rent rose $3 to $1,741 in January, snapping a five-month decline, with the firm forecasting a 1.2% national rent increase for 2026.

MultifamilyU.S. NationalSource
Berkadia

Berkadia 2026 Multifamily Investor Sentiment Survey

Berkadia polled over 200 advisors and bankers, finding Core-Plus properties expected to generate the best risk-adjusted returns in 2026, followed by Value-Add Class A and Class B rental housing.

MultifamilyCapital MarketsU.S. NationalSource
AFIRE

AFIRE International Investor Survey: February 2026 Report

AFIRE's February 2026 pulse survey captures institutional investor sentiment on US commercial real estate strategy, allocations and preferred markets heading into 2026.

Capital MarketsEconomyOfficeGlobalU.S. NationalSource
National Multifamily Housing Council

NMHC Quarterly Survey of Apartment Conditions (January 2026)

The January 2026 survey reported updated readings across the Market Tightness, Sales Volume, Equity Financing and Debt Financing indices, gauging apartment market conditions at the start of the year.

MultifamilyCapital MarketsU.S. NationalSource
Walker & Dunlop

2026 Market Intelligence Report (NMHC)

Walker & Dunlop's annual intelligence report examines where the multifamily market stands and how the next phase of the cycle is taking shape, with 62.7% of surveyed owners expecting acquisitions to increase in 2026.

MultifamilyCapital MarketsU.S. NationalSource
Heitman

Heitman Raises $2.6 Billion for Value-Add Investment Series

Heitman announced the final close of Heitman Value Partners Fund VI with 2.6 billion dollars in commitments, providing roughly 6.55 billion dollars of dealmaking capital across medical office, student housing, senior housing, self storage, multifamily and industrial assets.

AlternativesCapital MarketsSelf StorageGlobalSource
Freddie Mac

2025: A Banner Year!

Freddie Mac Multifamily reports 2025 production volume topped 77 billion dollars, up 17 percent year over year, supporting over 577,000 affordable rental housing units.

MultifamilyCapital MarketsDebt & FinancingU.S. NationalSource
Newmark

U.S. Commercial Real Estate in 2026: A Sector-by-Sector Outlook

Newmark Research frames its 2026 base case as a decaf stagflation environment, with industrial supply and demand rebalancing, office demand building and slowing multifamily supply shaping rent growth.

OfficeIndustrial & LogisticsMultifamilyU.S. NationalSource
Avison Young

2026 U.S. Outlook: CRE Sector Insights

Avison Young's 2026 outlook surveys office, healthcare, industrial, multifamily, retail and data center conditions, with nearly 70% of its experts expressing confidence in the CRE market heading into 2026.

OfficeIndustrial & LogisticsMultifamilyU.S. NationalSource
CBRE

U.S. Real Estate Market Outlook 2026

CBRE's flagship annual outlook projects U.S. GDP growth slowing to 2.0% in 2026 and commercial real estate investment rising 16% to roughly $562 billion, with returns described as income driven.

OfficeIndustrial & LogisticsRetailU.S. NationalSource
CBRE

Greater Los Angeles 2026 U.S. Real Estate Market Outlook

The Greater Los Angeles edition reviews local office, industrial, retail and multifamily conditions for 2026, noting the lagging office market is bottoming out.

OfficeIndustrial & LogisticsMultifamilyLos AngelesSource
CBRE

Denver 2026 U.S. Real Estate Market Outlook

The Denver edition reviews local sector conditions for 2026, with the office market expected to follow other lagging metros toward a bottom by year-end.

OfficeIndustrial & LogisticsMultifamilyDenverSource
Mortgage Bankers Association

Commercial and Multifamily Mortgage Debt Outstanding Increased in Third-Quarter 2025

Commercial and multifamily mortgage debt outstanding increased 53.4 billion dollars, or 1.1 percent, to 4.93 trillion dollars at the end of the third quarter of 2025. Multifamily mortgage debt alone rose 40.3 billion dollars to 2.24 trillion dollars.

Debt & FinancingMultifamilyCapital MarketsU.S. NationalSource
Marcus & Millichap

2026 U.S. Multifamily Investment Forecast

Marcus & Millichap projects net absorption of about 240,000 units against 270,000 completions, lifting vacancy 10 basis points to 4.7%, with units under construction down 53% from the 2023 peak.

MultifamilyU.S. NationalSource
Realtor.com

Monthly Housing Report: Inventory Keeps Growing, but 2025 Revealed a Market of Exceptions, Not Averages

U.S. housing inventory expanded in December 2025, marking the 26th consecutive month of year-over-year gains, with active listings up 12.1 percent versus December 2024. National inventory levels remain 12.5 percent below typical 2017 to 2019 norms.

EconomyMultifamilyU.S. NationalSource
KBRA

CMBS Loan Performance Trends: December 2025

KBRA reports the delinquency rate among KBRA-rated US private label CMBS decreased to 7.7 percent in December 2025 from 7.8 percent in November, while the distress rate ticked up to 10.6 percent.

CMBSCapital MarketsDebt & FinancingU.S. NationalSource
PGIM Real Estate

2026 Real Estate Outlook: Europe

The 2026 Europe outlook details country, capital, sector and submarket specific opportunities as the regional market emerges from the value reset into a new investment cycle.

Capital MarketsEconomyOfficeEuropeSource
PGIM Real Estate

2026 Real Estate Global Outlook

PGIM Real Estate views valuations as near cyclical lows globally, positioning 2026 as a compelling investment vintage amid supply shortages, rising grade-A rents and structural demand. Investor surveys point to a pick-up in transaction volume across all sectors.

Capital MarketsEconomyRetailGlobalU.S. NationalSource
Newmark

4Q25 U.S. Capital Markets Conditions & Trends

Newmark reports U.S. capital markets momentum strengthened through year-end 2025 as improving liquidity and active debt markets sustained a rebound in transaction activity. Institutional investment rose 23 percent year-over-year, while 547 billion dollars in loans maturing between 2025 and 2027 remain potentially troubled, led by office and multifamily.

Capital MarketsOfficeMultifamilyU.S. NationalSource
Cushman & Wakefield

U.S. Multifamily MarketBeat - Q4 2025

The quarterly report covers U.S. apartment demand, supply deliveries, occupancy and rent growth. It assesses national multifamily fundamentals and capital markets activity.

MultifamilyU.S. NationalSource
Newmark

4Q25 U.S. Multifamily Capital Markets Conditions & Trends

Newmark's fourth quarter 2025 multifamily capital markets report reviews transaction volume, pricing, debt availability and investor demand for U.S. apartment assets.

MultifamilyCapital MarketsDebt & FinancingU.S. NationalSource
Greystone

CRE Market Outlook 2026: Lending Recovery, Multifamily Rebound and Investment Opportunities

The outlook projects commercial real estate lending rising to 805 billion dollars in 2026, a 38 percent increase over the 583 billion seen in 2025. Peak maturity volumes of 875 billion are forecast for 2026, keeping refinancing risk elevated even as multifamily fundamentals improve.

MultifamilyDebt & FinancingCapital MarketsU.S. NationalSource
Urbanation

Nearly 10,000 GTHA Rentals Started Construction in 2025

A total of 9,821 purpose-built rental units started construction in the GTHA in 2025, a 42 percent increase over 2024 and the highest annual total since the 1970s. Purpose-built rental completions reached a more than 40-year high of 6,379 units.

MultifamilyTorontoSource
BGO

The Chief Economist: 1Q 2026 US Outlook and House Views

The first quarter 2026 U.S. outlook sets out BGO's house views on the economy and commercial real estate sectors. The report assesses fundamentals across industrial, housing, retail and office as the cycle turns.

EconomyIndustrial & LogisticsMultifamilyU.S. NationalSource
Lee & Associates

2025 Q4 North America Market Report

Annual net absorption fell from 20.5 million sq ft in 2024 to 852,722 sq ft in 2025 despite more than 12 million sq ft of tenant growth in the fourth quarter. Deliveries in 2025 totaled 253.6 million sq ft, down 52 percent from the 526 million sq ft record set in 2023.

Industrial & LogisticsOfficeRetailU.S. NationalCanadaSource
Urbanation

Slowest Condo Market in Over 30 Years Causing Construction to Collapse

New condominium apartment sales in the Greater Toronto and Hamilton Area fell 60 percent in 2025 to just 1,599 units, the lowest annual total since 1991. A record 28 active condo projects totalling 7,243 units were cancelled during the year.

MultifamilyTorontoSource
Blackstone

2026 Investment Perspectives

The Office of the CIO outlook highlights macro events on the horizon in 2026, including Federal Reserve leadership changes, tariffs and US trade policy uncertainty, and the US midterm elections. The views draw on insights from more than 270 portfolio companies and roughly 13,000 real estate assets.

Capital MarketsData CentersIndustrial & LogisticsGlobalU.S. NationalSource
Berkadia

Berkadia Q1 2026 National Multifamily Report

The Q1 2026 Apartment Update reported monthly effective rent advancing 1.7 percent over the trailing four quarters, accelerating from 1.2 percent growth in the prior year.

MultifamilyU.S. NationalSource
BGO

The Chief Economist: 2026 Global Outlook and House Views

BGO chief economist Ryan Severino presents the firm's 2026 global outlook, projecting modest growth near 2 percent with moderating inflation and easing central banks. Industrial, housing and data centers are highlighted as the strongest investment opportunities.

EconomyIndustrial & LogisticsMultifamilyGlobalSource
Urban Land Institute

Emerging Trends in Real Estate Global Outlook 2026

The global outlook synthesized the United States and Canada, Europe and Asia Pacific editions, offering a cross-regional view of investment and development prospects for 2026.

Capital MarketsOfficeIndustrial & LogisticsGlobalSource
Principal Asset Management

2026 Inside Real Estate Outlook: A Cycle for Selectivity

Principal characterized the CRE cycle as having moved into recovery with returns diverging sharply across sectors, regions and strategies, signaling an alpha-driven environment requiring careful asset and market selection.

Capital MarketsOfficeIndustrial & LogisticsU.S. NationalGlobalSource
MSCI Real Assets

RCA CPPI: US Commercial Property Price Indexes (December 2025)

The December 2025 RCA CPPI release reports the National All-Property Index up 2.4 percent from a year earlier, with recent momentum stronger as the annualized change averaged 9.7 percent over the prior three months. The indexes cover the major property sectors and US metros.

Capital MarketsOfficeIndustrial & LogisticsU.S. NationalSource
Fannie Mae

Fannie Mae Publishes December 2025 Economic and Housing Outlook

Fannie Mae's Economic and Strategic Research Group projects the U.S. housing market regaining momentum into 2026 with total housing starts near 1.3 million annually and multifamily construction leveling out as supply and demand rebalance, while the 30-year fixed mortgage stays above 6 percent through much of the forecast.

EconomyMultifamilyDebt & FinancingU.S. NationalSource
RentCafe

2025 Rental Market in Review: Key Trends and Exclusive Insights

RentCafe recaps 2025 rental market trends, noting nine prospective renters competed for each available apartment nationally with units taking an average of 41 days to lease.

MultifamilyU.S. NationalSource
Realtor.com

Monthly Housing Report: Affordability Reshapes Where Americans Can Buy Homes

The November report finds affordability reshaping where Americans can buy, with buyers increasingly finding opportunities in smaller traditionally affordable refuge markets that have seen notable growth in price per square foot.

EconomyMultifamilyU.S. NationalSource
Zillow Research

Zillow's 2026 Housing Market Predictions

Zillow forecasts U.S. home values rising 1.2 percent in 2026 and existing home sales increasing 4.3 percent to 4.26 million, with multifamily rents projected to rise just 0.3 percent and single-family rents up 2.3 percent as affordability improves.

EconomyMultifamilySingle-Family RentalU.S. NationalSource
Montagu Evans

Year-End 2025: UK Property Insights

Montagu Evans assesses a complex UK economic picture at year-end 2025 with slowing GDP growth and easing inflation, noting resilience in Central London leasing and selective investor appetite in industrial and residential.

Capital MarketsOfficeIndustrial & LogisticsUnited KingdomLondonSource
RealPage Market Analytics

11 Apartment Markets With Forecasted Rent Growth in 2026

RealPage identifies 11 of the 50 largest apartment markets expecting effective asking rent gains of 3 percent or more in 2026, led by Miami at 3.8 percent, Seattle at 3.7 percent and Los Angeles at 3.2 percent.

MultifamilyU.S. NationalMiamiSource
KBRA

CMBS Loan Performance Trends: November 2025

KBRA's November 2025 report tracks delinquency and distress rates across KBRA-rated US private label CMBS, with continued pressure in the office and multifamily sectors.

CMBSCapital MarketsDebt & FinancingU.S. NationalSource
RentCafe

2025 Year-End Report: Most Competitive Rental Markets

RentCafe reports a national Rental Competitiveness Index of 75.2 in 2025, with Miami the most competitive market at 92.9, followed by Chicago and its suburbs, and Manhattan rising to fourth.

MultifamilyU.S. NationalMiamiSource
Yardi Matrix

Matrix Multifamily National Report - December 2025

Advertised asking rents slipped 0.9 percent, or 16 dollars, to 1,737 dollars in December, marking the weakest monthly performance since the global financial crisis.

MultifamilyU.S. NationalSource
Brookfield

2026 Investment Outlook

Brookfield's annual investment outlook argues that 2025 was the year the real estate market reopened and 2026 will reward tactical investors as liquidity rebounds, with focus areas spanning housing, logistics, data centers and hospitality across the equity and credit portions of the capital stack.

Capital MarketsEconomyIndustrial & LogisticsGlobalSource
RealPage Market Analytics

4th Quarter 2025 RealPage Forecast

RealPage forecasts national effective apartment rents growing about 1.9 percent in 2026 after a roughly 60 basis point decline in 2025, with approximately 316,000 units projected to deliver nationwide and an undersupply challenge re-emerging as new starts fall to their lowest level since 2012.

MultifamilyU.S. NationalSource
Clarion Partners

U.S. Quarterly Market Update: 3Q 2025

Clarion's third quarter 2025 update tracks stabilizing values and income-driven performance across U.S. property. The firm believes the market is embarking on a new cycle following a peak-to-trough value decline of 18.7 percent.

Capital MarketsIndustrial & LogisticsMultifamilyU.S. NationalSource
Barings

Barings Targets Europe Deals With 2BN of Dry Powder

Barings outlines plans to deploy approximately 2 billion euros of equity capital into Europe's next real estate cycle, focusing on residential and logistics where fundamentals remain strong.

Capital MarketsIndustrial & LogisticsMultifamilyEuropeSource
Arbor Realty Trust

U.S. Multifamily Market Snapshot - November 2025

The monthly snapshot tracks U.S. multifamily rent growth, vacancy and investment activity, with conditions stabilizing as supply pressures eased through late 2025.

MultifamilyEconomyU.S. NationalSource
Arbor Realty Trust

Affordable Housing Trends Report Fall 2025

The report examines the affordable rental sector following the Low-Income Housing Tax Credit allocation increases in the One Big Beautiful Bill Act and notes declining market-based borrowing costs supporting a more accommodative financing environment.

Affordable HousingMultifamilyDebt & FinancingU.S. NationalSource
National Association of Realtors

November 2025 Commercial Real Estate Market Insights

The monthly report finds the office market showing tentative improvement in November, with annual absorption losses narrowing sharply although demand remained slightly negative.

OfficeRetailIndustrial & LogisticsU.S. NationalSource
KBRA

CMBS Loan Performance Trends: October 2025

KBRA reports the delinquency rate among KBRA-rated US private label CMBS rose to 7.9 percent in October 2025, with 1.7 billion dollars in loans newly added to distress and multifamily seeing the highest new volume.

CMBSCapital MarketsDebt & FinancingU.S. NationalSource
NCREIF

NCREIF Property Index (NPI) Q3 2025 Results

The third quarter 2025 NPI press release reports continued stability in institutional returns across the major property types, with income returns holding steady.

Capital MarketsOfficeRetailU.S. NationalSource
National Multifamily Housing Council

NMHC Quarterly Survey of Apartment Conditions (October 2025)

A total of 161 senior executives responded to the October survey, with borrowing conditions continuing to improve while most respondents reported an unchanged market.

MultifamilyCapital MarketsU.S. NationalSource
AFIRE

AFIRE International Investor Survey: H2 2025 Pulse Report

Conducted in August 2025 and published in the September 2025 Summit Journal, the H2 2025 survey reports global investor sentiment and predictions for US commercial real estate.

Capital MarketsEconomyOfficeGlobalU.S. NationalSource
Fannie Mae

Fannie Mae Publishes October 2025 Economic and Housing Outlook

Fannie Mae's October 2025 outlook details the Economic and Strategic Research Group's expectations for home sales, housing starts, home prices and mortgage rates amid elevated borrowing costs and affordability constraints.

EconomyMultifamilyDebt & FinancingU.S. NationalSource
CRED iQ

CRED iQ Market Update: Navigating CMBS Distress and Broader CRE Trends in Q3 2025

CRED iQ's third-quarter 2025 market update reviews CMBS distress trends and broader commercial real estate conditions across major property sectors.

CMBSCapital MarketsDebt & FinancingU.S. NationalSource
Newmark

3Q25 U.S. Capital Markets Conditions & Trends

Newmark's third quarter 2025 capital markets report tracks transaction volume, pricing and debt market conditions across the major U.S. property sectors as the recovery continued.

Capital MarketsOfficeMultifamilyU.S. NationalSource
abrdn

UK real estate market outlook Q4 2025

The Q4 2025 UK outlook reviews the closing position of the year and the trajectory into 2026, focusing on income-led returns across the living, industrial and retail sectors.

Industrial & LogisticsRetailOfficeUnited KingdomSource
Yardi Matrix

Matrix Multifamily National Report - October 2025

The average U.S. advertised asking rent slid 4 dollars to 1,743 dollars in October, up 0.5 percent year over year.

MultifamilyU.S. NationalSource
National Association of Realtors

October 2025 Commercial Real Estate Market Insights

The monthly report analyzes U.S. commercial real estate conditions across the office, retail, industrial and multifamily sectors.

OfficeRetailIndustrial & LogisticsU.S. NationalSource
RealPage Market Analytics

3rd Quarter 2025 Multifamily Update

RealPage's third quarter update reports apartment occupancy easing 30 basis points to 95.4 percent, with strong resident retention offsetting cooling demand and reshaping multifamily strategy heading into 2026.

MultifamilyU.S. NationalSource
Arbor Realty Trust

Top Markets for Multifamily Investment Report Fall 2025

The report ranks leading U.S. multifamily investment markets, with U.S. fundamentals stabilizing during the third quarter of 2025 as supply imbalances eased and investment activity climbed.

MultifamilyCapital MarketsU.S. NationalSource
Urbanation

GTHA Rental Projects Forge Ahead in Q3 Despite Declining Rents

Urbanation reports purpose-built rental projects continued to advance in the third quarter of 2025 even as average rents declined. The vacancy rate for buildings completed since 2000 rose to its highest level since 2020.

MultifamilyTorontoSource
Lee & Associates

2025 Q3 North America Market Report

The report records 12 million sq ft of net absorption in the US and 5.4 million sq ft in Canada in the third quarter. It describes a landscape pausing as tariffs, legal uncertainty, high costs and AI considerations produced mixed results across property types.

Industrial & LogisticsOfficeRetailU.S. NationalCanadaSource
Urban Land Institute

Emerging Trends in Real Estate United States and Canada 2026

In its 47th edition, the ULI and PwC report drew on insights from more than 1,700 industry participants, ranking Dallas-Fort Worth as the top Market to Watch for the second year running with continued interest in data centers, senior housing and self-storage.

Capital MarketsOfficeIndustrial & LogisticsU.S. NationalCanadaSource
Mortgage Bankers Association

Commercial and Multifamily Mortgage Debt Outstanding Increased in Second-Quarter 2025

Commercial and multifamily mortgage debt outstanding increased 47.1 billion dollars, or 1.0 percent, to 4.88 trillion dollars at the end of the second quarter of 2025. Multifamily mortgage debt rose 27.7 billion dollars to 2.19 trillion dollars.

Debt & FinancingMultifamilyCapital MarketsU.S. NationalSource
Invesco

Global Commercial Real Estate Outlook: Autumn 2025

The white paper sets out Invesco Real Estate's house view across global markets following the recent pricing correction, anticipating a period of yield stability. It identifies sectors and regions positioned for rental growth and recovery into 2026.

Industrial & LogisticsMultifamilyOfficeGlobalEuropeSource
Invesco

US and global commercial real estate - fourth quarter 2025 outlook

The outlook expects housing unaffordability to drive rental demand and tightening vacancies as limited new supply comes online. Data centers, warehouses, manufacturing, senior housing and medical outpatient buildings are positioned to benefit, while high rates and construction costs curb new building.

Industrial & LogisticsMultifamilyOfficeU.S. NationalGlobalSource
National Association of Realtors

September 2025 Commercial Real Estate Market Insights

The monthly report notes elevated borrowing costs continued to challenge commercial real estate in September, with performance varying across sectors.

OfficeRetailIndustrial & LogisticsU.S. NationalSource
Patrizia

PATRIZIA INSIGHT: European Residential Markets 2025/2026

Patrizia's flagship annual research report finds capital values across Europe's top 25 residential city markets returning to positive territory, with city fundamentals, affordability and energy efficiency emerging as decisive factors for future returns rather than broad-brush multifamily strategies.

MultifamilyCapital MarketsEconomyEuropeSource
Charter Keck Cramer

Melbourne Apartment Market Update and Outlook September 2025

The update reviewed Melbourne apartment supply and demand indicators, noting improving development conditions as planning and finance approvals eased relative to recent years.

MultifamilyAustraliaMelbourneSource
Greystone

Stability Through Affordability: Key Insights for Multifamily Borrowers

The analysis finds national multifamily vacancy holding near 6.5 percent in the first half of 2025 as steady demand paused further deterioration, with asking rents above 1,900 dollars. Affordability constraints are creating opportunities for borrowers focused on workforce and affordable housing.

MultifamilyAffordable HousingDebt & FinancingU.S. NationalSource
Patrizia

European Living Sector Larger and More Diverse Than Ever With Solid Fundamentals for Investment

Patrizia reports that the European living sector has grown larger and more diverse, with solid investment fundamentals across residential, student and senior housing as city-level performance drivers gain importance.

MultifamilyStudent HousingSenior HousingEuropeSource
Charter Keck Cramer

Sydney Apartment Market Update and Outlook September 2025

The update analysed Sydney apartment releases, commencements and completions, providing an outlook on Build to Sell and Build to Rent supply dynamics across the metropolitan market.

MultifamilyAustraliaSydneySource
Charter Keck Cramer

National State of the Market Report H1 2025: Build to Sell and Build to Rent

Charter Keck Cramer's national report found the Build to Rent sector recorded a 378 percent increase in supply, adding 8,590 apartments across capital cities during FY2021 to FY2025, and identified 2024 as the cyclical trough.

MultifamilyAustraliaMelbourneSource
National Association of Realtors

August 2025 Commercial Real Estate Market Insights

The monthly report finds the multifamily market continuing to stabilize, with absorption steady at about 506,000 units and new completions down 18 percent.

OfficeRetailIndustrial & LogisticsU.S. NationalSource
NCREIF

NFI-ODCE Q2 2025 Final Results

The NFI-ODCE recorded its highest one-year return since the fourth quarter of 2022 in the second quarter of 2025, signalling momentum in core open-end fund performance.

Capital MarketsOfficeRetailU.S. NationalSource
Barings

U.S. Real Estate: Appreciating Income in a Shifting Economy

Barings reports that US commercial real estate valuations held steady in the second quarter of 2025 following a basis reset, though transaction activity was limited by economic uncertainty and post-tariff volatility.

Capital MarketsOfficeMultifamilyU.S. NationalSource
NCREIF

NCREIF Property Index (NPI) Q2 2025 Results

The NPI posted its fourth consecutive quarter of positive returns in the second quarter of 2025, confirming a sustained recovery in institutional property performance.

Capital MarketsOfficeRetailU.S. NationalSource
Principal Asset Management

2025 Mid-Year Update: Inside Real Estate Outlook

Principal reported commercial real estate in its strongest position in three years, with private-market pricing likely having reached its trough and operating income supporting an investment performance rebound.

Capital MarketsOfficeIndustrial & LogisticsU.S. NationalGlobalSource
abrdn

European real estate market outlook Q3 2025

abrdn forecasts European all-property total returns of 7.1 percent over the 12 months to June 2026. European logistics leasing has softened but is expected to bottom out as the year progresses.

Capital MarketsIndustrial & LogisticsOfficeEuropeSource
abrdn

UK real estate market outlook Q3 2025

The Q3 2025 UK outlook maintains a constructive view on living, industrial and retail sectors, with income returns continuing to drive performance amid limited yield compression.

Industrial & LogisticsRetailOfficeUnited KingdomSource
M&G Real Estate

Global Real Estate Outlook Mid-Year 2025: Opportunity amidst uncertainty

The mid-year update views real estate as fair value in Europe, the UK and APAC after the big price reset. Questions over US policy direct greater investor interest toward those markets.

Industrial & LogisticsMultifamilyOfficeGlobalUnited KingdomSource
AEW

U.S. Research Perspective Q3 2025

AEW reports that aggregate U.S. commercial property transaction volume through Q3 2025 ran more than 15 percent ahead of the prior-year pace, with investor return expectations for most property sectors clustered near 7.0 to 7.5 percent. Seniors housing and office represented the upper and lower bounds of expected returns respectively.

Capital MarketsOfficeRetailU.S. NationalSource
CBRE

U.S. Cap Rate Survey H1 2025

CBRE's mid-2025 survey gathered 3,600 cap rate estimates from more than 200 professionals across over 50 markets, indicating broadly stable cap rates despite bond market volatility.

Capital MarketsOfficeIndustrial & LogisticsU.S. NationalSource
CBRE

2025 U.S. Real Estate Market Outlook Midyear Review

CBRE's midyear review finds cap rates relatively stable despite bond market volatility, with incremental compression in certain sectors expected to materialize more broadly in 2026.

Capital MarketsOfficeIndustrial & LogisticsU.S. NationalSource
Berkadia

Berkadia Mid-Year 2025 Multifamily Market Report - National

The mid-year national Apartment Update reviewed supply, demand, rent and occupancy trends, noting absorption gains as elevated deliveries continued to be absorbed across major markets.

MultifamilyU.S. NationalSource
Moody's CRE / Analytics

Mid-Year Multifamily Performance Review

The rise in the nationwide multifamily vacancy rate halted in the second quarter of 2025, holding essentially unchanged at 6.5 percent as peak deliveries appeared to have already occurred.

MultifamilyU.S. NationalSource
Urbanation

Completed Condo Inventory Swells to Record High in Q2

Urbanation reports completed but unsold condominium inventory in the GTHA reached a record high in the second quarter of 2025. The data reflects a sharp slowdown in new condo sales and rising standing inventory.

MultifamilyTorontoSource
Urbanation

Two-Thirds of Rental Buildings Offering Incentives in Q2

Among GTHA purpose-built rental projects completed since 2000, a 65 percent share offered incentives to renters in the second quarter of 2025, up from 36 percent a year earlier. The data signals softening rental conditions amid new supply.

MultifamilyTorontoSource
Lee & Associates

2025 Q2 North America Market Report

Retail demand turned negative for the first time since the Covid lockdown, with net absorption of negative 8.9 million sq ft in the second quarter. Overall office vacancy fell 10 basis points to 8.1 percent as Class A demand exceeded supply.

Industrial & LogisticsOfficeRetailU.S. NationalCanadaSource
National Association of Realtors

July 2025 Commercial Real Estate Market Insights

The monthly report analyzes U.S. commercial real estate fundamentals across the major property sectors amid elevated financing costs.

OfficeRetailIndustrial & LogisticsU.S. NationalSource
Mortgage Bankers Association

Commercial and Multifamily Mortgage Debt Outstanding Increased in First-Quarter 2025

Commercial and multifamily mortgage debt outstanding increased 46.8 billion dollars, or 1.0 percent, to 4.81 trillion dollars at the end of the first quarter of 2025. Multifamily mortgage debt rose 19.9 billion dollars to 2.16 trillion dollars.

Debt & FinancingMultifamilyCapital MarketsU.S. NationalSource
Trepp

Trepp & CRE Direct Release The Mid-Year Magazine 2025 as Multifamily Fundamentals Hold Firm Amid Rising Distress

Trepp's Mid-Year 2025 publication highlights strong multifamily fundamentals despite signs of growing distress across other commercial real estate sectors.

CMBSCapital MarketsDebt & FinancingU.S. NationalSource
GWL Realty Advisors

The Opportunity in Canada's Mid-Market Apartment Sector

The report examines investment potential in Canada's mid-market apartment segment, citing demand drivers and supply constraints across major markets.

MultifamilyCanadaSource
Walker & Dunlop

From repricing to opportunity: commercial real estate market outlook

The outlook frames the repricing of commercial real estate as creating disciplined deployment opportunities through bridge lending and value-add equity strategies. It positions multifamily as transitioning from a supply-heavy correction toward improving fundamentals.

MultifamilyCapital MarketsDebt & FinancingU.S. NationalSource
National Association of Realtors

June 2025 Commercial Real Estate Market Insights

The monthly report reviews U.S. commercial real estate demand, vacancy and rent trends across the office, retail, industrial and multifamily sectors.

OfficeRetailIndustrial & LogisticsU.S. NationalSource
Montagu Evans

The Residential Land Survey (2025)

Montagu Evans' Residential Land Survey assesses UK residential land values and development sentiment across key markets in 2025.

MultifamilyCapital MarketsUnited KingdomLondonSource
National Association of Realtors

May 2025 Commercial Real Estate Market Insights

The monthly report reviews U.S. commercial real estate sector performance and the impact of macroeconomic conditions on demand.

OfficeRetailIndustrial & LogisticsU.S. NationalSource
Greystone

After Short-Term Disruption Expect a Positive Outlook for Multifamily Sector

The commentary argues that after near-term disruption the multifamily sector faces a constructive outlook, supported by steady rental demand and a moderating supply pipeline. Mid-market and affordable units continue to see steady absorption.

MultifamilyU.S. NationalSource
NCREIF

NFI-ODCE Q1 2025 Final Results

The NCREIF Fund Index Open End Diversified Core Equity reported final first quarter 2025 results, continuing the recovery in core open-end fund total returns.

Capital MarketsOfficeRetailU.S. NationalSource
NCREIF

NCREIF Property Index (NPI) Q1 2025 Results

The NPI reported that institutional property returns continued to improve in the first quarter of 2025, extending the recovery in private real estate performance.

Capital MarketsOfficeRetailU.S. NationalSource
National Multifamily Housing Council

NMHC Quarterly Survey of Apartment Conditions (April 2025)

The Market Tightness Index came in at 52, above the breakeven level of 50 for the first time since July 2022, indicating tighter conditions such as lower vacancies and higher rent growth.

MultifamilyCapital MarketsU.S. NationalSource
abrdn

North America real estate market outlook Q2 2025

The outlook anticipates tariff pressures weighing on office, retail and industrial through slower economic growth, while multifamily recovers as excess supply diminishes and renter demand stays robust.

MultifamilyOfficeRetailU.S. NationalSource
AFIRE

AFIRE International Investor Survey: Q1 2025 Pulse Report

The Q1 2025 pulse survey identifies Dallas as the most preferred US market for 2025, followed by New York, Miami, Boston and Atlanta, reflecting international investor allocation intentions.

Capital MarketsEconomyOfficeGlobalU.S. NationalSource
AEW

U.S. Research Perspective Q2 2025

Apartment leasing momentum accelerated through the first half of 2025 as elevated mortgage rates restrained both renter transition to ownership and sales by existing owners. Aggregate demand for retail property slowed materially amid heightened economic uncertainty, increased bankruptcies and store closures.

MultifamilyRetailCapital MarketsU.S. NationalSource
Barings

U.S. Real Estate: A Modest Start to the Recovery

Barings notes US real estate fundamentals improved in the first quarter of 2025 with positive absorption across core sectors and senior housing occupancy reaching its highest level since 2017.

Capital MarketsOfficeMultifamilyU.S. NationalSource
Moody's CRE / Analytics

Q1 Moody's CRE Preliminary Trend Analysis

Moody's reported the national office vacancy rate climbing to 20.4 percent in Q1 2025, a record high, while multifamily found equilibrium after years of frictional oversupply.

OfficeMultifamilyIndustrial & LogisticsU.S. NationalSource
BGO

The Chief Economist: Q2-2025 U.S. Economic and CRE Outlook

The Q2 2025 update introduces an augmented base case combining macroeconomic scenarios with a machine-learning behavioral model. The forecast points to growth near 1.5 percent, disinflation, Federal Reserve rate cuts and stabilizing commercial real estate fundamentals.

EconomyIndustrial & LogisticsMultifamilyU.S. NationalSource
Principal Asset Management

U.S. Real Estate Sector Report

The sector report found data centers demonstrating the strongest fundamentals across property types, supported by structural demand from cloud computing and artificial intelligence, with development constrained primarily by power availability.

Data CentersIndustrial & LogisticsOfficeU.S. NationalSource
Cushman & Wakefield

Canadian Cap Rates & Capital Markets Report

The report provides Canadian commercial cap rates, sales volumes and capital markets analysis. Industrial and multifamily led activity in 2025 as cap rates began to stabilize or firm in several asset classes.

Capital MarketsIndustrial & LogisticsMultifamilyCanadaSource
Lee & Associates

2025 Q1 North America Market Report

US retailers shuttered roughly 7.1 million sq ft of space in the first quarter following one of the weakest annual absorption totals in a decade. Canada posted negative net absorption of 5.2 million sq ft in retail over the same period.

Industrial & LogisticsOfficeRetailU.S. NationalCanadaSource
abrdn

Global real estate market outlook Q2 2025

The Q2 2025 outlook tracks a recovery led by the UK, Europe and the US, with APAC lagging. abrdn highlights structurally supported sectors and improving rental growth as the basis for total returns.

Capital MarketsMultifamilyIndustrial & LogisticsGlobalU.S. NationalSource
Yardi Matrix

Matrix Multifamily National Report - March 2025

The report finds multifamily showing positive signs amid economic uncertainty, with early indicators suggesting resilience for the sector in 2025.

MultifamilyU.S. NationalSource
Brookfield

The Real Estate Rebound Is Here

Brookfield highlights a recovering real estate market with improving fundamentals and rising transaction activity, identifying housing, data centers, hospitality and logistics as the most attractive sectors where supply constraints meet sustained demand and operational improvements drive returns.

Capital MarketsIndustrial & LogisticsData CentersGlobalSource
National Association of Realtors

March 2025 Commercial Real Estate Market Insights

The monthly report finds office demand showing signs of recovery while retail remained tight and industrial vacancies continued to climb.

OfficeRetailIndustrial & LogisticsU.S. NationalSource
Asteco

Asteco's Q4 2024 Report Highlights Strong Market Performance Across UAE

Asteco's Q4 2024 UAE Real Estate Report records approximately 5,600 residential unit deliveries and around 10,200 sales transactions in Abu Dhabi, while Dubai posted over 33,000 unit handovers with off-plan properties accounting for nearly 70 percent of sales.

MultifamilyOfficeRetailDubaiAbu DhabiSource
Green Street

Green Street Releases 2025 U.S. Sector Outlooks with Market Forecasts

Green Street issued its 2025 U.S. sector outlooks with detailed market forecasts. The reports project performance across the major commercial property types for the year ahead.

Capital MarketsIndustrial & LogisticsMultifamilyU.S. NationalSource
Berkadia

Berkadia 2025 Multifamily Powerhouse Poll

Berkadia surveyed its investment sales advisors and mortgage bankers on the 2025 outlook, finding 83 percent of multifamily investors planned acquisitions during the year and only 2 percent intended to shrink portfolios.

MultifamilyCapital MarketsU.S. NationalSource
RentCafe

Hottest Rental Markets in Early 2025: Chicagoland's Rise Challenges Miami

RentCafe reports Chicagoland's competitiveness rising to challenge Miami at the start of 2025, with the Midwest and Northeast leading regional rental competition.

MultifamilyU.S. NationalChicagoSource
National Multifamily Housing Council

NMHC Quarterly Survey of Apartment Conditions (January 2025)

All four indices came in below the breakeven level of 50: Market Tightness at 40, Sales Volume at 41, Equity Financing at 48 and Debt Financing at 32, signaling looser conditions and reduced deal flow to start the year.

MultifamilyCapital MarketsU.S. NationalSource
Fannie Mae

2025 Multifamily Market Outlook: Clearer Skies Ahead

Fannie Mae's annual multifamily outlook anticipates conditions improving in most markets through 2025, while flagging negative rent growth in high-supply metros such as Austin, Phoenix, San Antonio and Raleigh.

MultifamilyAffordable HousingEconomyU.S. NationalSource
Freddie Mac

2025 Multifamily Outlook

Freddie Mac forecasts positive but weaker multifamily growth in 2025, projecting rent growth of 2.2 percent and vacancy rising to 6.2 percent, with origination volume expected at 370 to 380 billion dollars.

MultifamilyEconomyCapital MarketsU.S. NationalSource
Savills

UK Cross Sector Outlook 2025

Savills forecasts an average total return of 7.4 percent for UK real estate in its 2025 cross-sector outlook, up from 6.8 percent for 2024. Twelve UK property sub-sectors are projected to deliver annualised returns above 8 percent between 2025 and 2029.

Capital MarketsOfficeRetailUnited KingdomSource
Apartment List

Introducing Our Newest Data Product: Time On Market

Apartment List introduced a Time On Market index measuring how long listed units take to lease, complementing its rent estimates and vacancy index. Units were taking roughly 30 days to lease in recent readings as elevated supply kept the market soft.

MultifamilyU.S. NationalSource
Apartment List

Apartment List Vacancy Index Methodology Explainer

The explainer details how Apartment List derives a daily and monthly vacancy rate from listed units across its platform. The national vacancy index reached 6.9 percent in January 2025, the highest level since tracking began in 2017.

MultifamilyU.S. NationalSource
BGO

The Chief Economist: European Economic and CRE Outlook - 1Q 2025

The first quarter 2025 European outlook reviews growth, inflation and monetary policy across the region and their implications for commercial real estate. The report assesses sector fundamentals as European markets stabilize.

EconomyOfficeIndustrial & LogisticsEuropeSource
BGO

The Chief Economist: 1Q2025 U.S. CRE Outlook - Better Than You Think

BGO argues the first quarter 2025 U.S. commercial real estate market is stronger than widely perceived, with stable fundamentals and emerging investment opportunities. Industrial and multifamily are flagged as the most promising sectors.

EconomyIndustrial & LogisticsMultifamilyU.S. NationalSource
abrdn

UK real estate market outlook Q1 2025

abrdn forecasts an annualised 8.4 percent total return for UK real estate over three years, led by the industrial and retail sectors. The outlook expects sector returns to converge, shifting outperformance toward asset selection.

Capital MarketsIndustrial & LogisticsRetailUnited KingdomSource
RCLCO

CRE C-Suite Outlook 2025

The C-Suite Outlook compiles the perspectives of senior real estate executives on conditions and strategy for the year ahead. It draws on a respondent base where 82 percent are C-suite or senior executives averaging roughly 25 years of industry tenure.

Capital MarketsEconomyOfficeU.S. NationalSource
Principal Asset Management

2025 Inside Real Estate Outlook: Poised for Growth

Principal viewed real estate values as largely adjusted for the cycle, with debt among its highest conviction strategies and structurally-driven sectors such as data centers, logistics and residential well positioned for 2025.

Capital MarketsOfficeIndustrial & LogisticsU.S. NationalGlobalSource
Berkadia

Berkadia 2025 Forecast National Apartment Research Report

Berkadia's national forecast projected unit absorption to outpace deliveries in 2025, with vacancy rates having decreased in Q3 2024 for the first time in three years.

MultifamilyU.S. NationalSource
abrdn

Global real estate market outlook Q1 2025

abrdn judges that most global real estate price corrections have concluded entering 2025, with returns driven by income and net operating income growth rather than yield compression. The firm is most positive on multifamily, expecting excess supply to be absorbed by mid-2025.

Capital MarketsMultifamilyIndustrial & LogisticsGlobalU.S. NationalSource
Marcus & Millichap

2025 U.S. Multifamily Investment Forecast

Marcus and Millichap's 2025 multifamily forecast projects supply and demand to re-align for the first time in four years. Rent growth was expected to remain tepid through much of 2025 with momentum building later in the year, supported by average rents remaining well below typical mortgage payments.

MultifamilyCapital MarketsU.S. NationalSource
Hines

Insights into 2025's Global Living Real Estate Trends

Hines examines global living sector trends across rental residential, student housing and other beds-focused strategies. The report frames demographic and supply dynamics supporting the living sectors in 2025.

MultifamilyStudent HousingSenior HousingGlobalSource
AEW

U.S. Research Perspective Q1 2025

AEW's first quarter 2025 perspective assesses U.S. property fundamentals and pricing as the market entered a recovery phase. The report tracks institutional investor return expectations across the major sectors amid still-elevated interest rates.

Capital MarketsOfficeIndustrial & LogisticsU.S. NationalSource
PGIM Real Estate

2025 Real Estate Global Outlook

The 2025 global outlook comprises in-depth research articulating distinct investment views across the United States, Europe, Asia-Pacific and Mexico, as well as the private real estate credit markets globally.

Capital MarketsEconomyDebt & FinancingGlobalU.S. NationalSource
M&G Real Estate

Global Real Estate Outlook 2025: A new chapter begins

M&G Real Estate identifies four themes for 2025, including structurally undersupplied sectors positioned for strongest growth and a return to growth in Asia-Pacific. The firm expects the United Kingdom to lead the global recovery.

Industrial & LogisticsMultifamilyOfficeGlobalUnited KingdomSource
Capital Economics

US Commercial Property Outlook: More capital value falls to come in all sectors this year

Capital Economics expects further capital value declines across all US sectors during the year, with valuations looking stretched and forecasts running below the PREA and ULI consensus.

Capital MarketsOfficeRetailU.S. NationalSource
Northmarq

2025 National Multifamily Outlook Report: An Anticipated Slowdown in New Construction

Northmarq's 2025 national multifamily outlook reports a combination of optimism and uncertainty, with stronger than forecast conditions and robust renter demand stabilizing the sector, alongside an anticipated slowdown in new construction.

MultifamilyU.S. NationalSource