DALLAS, TX–Investors are preparing to increase their exposure to U.S. commercial real estate in 2026, encouraged by stabilizing prices, improving market fundamentals, and growing optimism around declining debt costs, according to CBRE’s 2026 North America Investor Intentions Survey.
The survey shows a decisive shift in sentiment, with 95% of investors planning to buy as much or more commercial real estate this year compared to 2025. More than half of respondents—55%—expect to increase their capital allocations to real estate, up from 48% last year, signaling renewed confidence after a period of market uncertainty.
“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. “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.”
Dallas Leads as Top Investment Market
For the fifth consecutive year, Dallas ranks as the most attractive market for U.S. investors, followed by Atlanta and San Francisco. The survey also highlights several new entrants into the top 10 most attractive markets, including Charlotte, Nashville, Tampa, and Seattle, reflecting continued interest in fast-growing metropolitan areas.
While investors remain heavily focused on Sun Belt markets, they are also targeting discounted opportunities in traditional gateway cities, seeking value amid repricing.
Multifamily Remains the Preferred Asset Class
Multifamily properties continue to dominate investor preferences, with 74% of U.S. investors targeting the sector. Industrial and logistics assets follow at 37%, reflecting sustained demand tied to e-commerce and supply chain resilience.
Interest in retail assets has rebounded modestly, attracting 27% of investors, while office assets remain a lower priority at 16%, as the sector continues to adjust to evolving workplace trends.
Across all property types, investors are prioritizing high-quality assets, underscoring a selective approach focused on long-term performance rather than speculative plays.
Among alternative assets, self-storage, land, industrial outdoor storage, cold storage, and healthcare emerged as the most favored categories. Still, only 11% of investors indicated interest in alternative assets, with most preferring repriced opportunities in traditional sectors.
Moderate-Risk Strategies Dominate
In terms of strategy, value-add and core-plus approaches are favored by roughly two-thirds of investors, reflecting a preference for moderate-risk investments with the potential for enhanced returns. Core strategies gained modest traction, while interest in opportunistic, distressed, and debt-focused strategies declined, suggesting greater confidence in market stability.
Debt and Financing Outlook
Despite improving sentiment, investors remain cautious on leverage. More than 70% plan to maintain the same debt-to-equity ratios as last year, and nearly half are willing to tolerate one year of negative leverage.
Key challenges identified include uncertainty around the future direction of interest rates and smaller refinancing loan sizes due to reduced property valuations. Even so, investors remain focused on direct real estate equity investments to capitalize on favorable pricing, while interest in mezzanine financing, mortgage financing, and secured loans remains strong.
Overall, the survey points to a turning point for the commercial real estate market in 2026, as investors move from caution to calculated confidence, positioning themselves for growth amid a stabilizing economic landscape.
