US Capital Markets Report, First Half of 2026

Commercial real estate (CRE) capital markets sent mixed signals in the first half of 2026. Transaction volume, pricing and REIT buying all pointed to growing investor appetite, and distress edged lower. Net lending to commercial properties stalled as securitized loans paid down faster than they were replaced, and life insurance company lending to non-multifamily properties slowed. Against a backdrop of sticky inflation, a Federal Reserve (Fed) that has raised interest rates and may do so again, and an unresolved energy shock, the question for the second half of the year is whether debt availability catches up with equity demand.

This report analyzes economic, capital markets and real estate market data to provide CRE practitioners with insight into the factors shaping the availability and price of debt and equity financing for office, industrial, retail and multifamily investment and development. It draws from historical data provided by CoStar Group and publicly available sources to examine trends in transactions, development and loan originations, and identifies the largest developers and transactions by property type. Most CRE market data in this report are current as of the first half of 2026. The next report will be released at the end of the year.

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