Durable Demand Drivers: Where Commercial Real Estate Wins in 2026
April 1st, 2026
Key Takeaways
- The market is entering a phase of normalization, with gradual improvements in capital markets activity and transaction volume.
- Investment performance is shifting toward operational execution, with less reliance on cap rate compression or declining interest rates.
- Institutional capital is increasingly targeting value-add strategies and alternative sectors such as student housing, senior housing, and medical office.
- Multifamily fundamentals remain supported by long-term housing shortages, despite short-term supply pressures in select markets.
- Submarket selection is critical, with durable demand drivers, including job growth, infrastructure, and population trends, driving long-term performance.
- Investors today have more optionality across asset classes, allowing for more strategic portfolio construction based on risk tolerance and time horizon
In this episode of Wealth Unfiltered, Spencer Levy, Global Client Strategist and Senior Economic Advisor at CBRE, joins us to break down the evolving commercial real estate landscape and what investors should be watching as we move through 2026.
Spencer provides a high-level view of where we are in the current market cycle, highlighting a transition toward normalization, improving capital markets activity, and a more selective investment environment driven by fundamentals rather than financial engineering.
A key theme throughout the conversation is the increasing importance of operational excellence. In today’s environment, strong operators are positioned to generate outsized returns, even within the same asset class.
Find Spencer here:
LinkedIn: https://www.linkedin.com/in/spencerlevy
CBRE Speaker & Profile Page: https://www.cbre.com/peopl/spencer-levy
Learn more about CBRE here:
https://www.cbre.com
Timestamps
- 02:11 – Career Journey Insights
- 04:01 – Current Market Cycle
- 06:36 – Historical Cycle Comparison
- 08:19 – Power of Operators
- 11:00 – Pricing Gap Narrowing
- 13:56 – Multifamily Supply Issues
- 17:17 – Factors of Awesome
- 21:07 – Midwest Growth Drivers
- 23:34 – Sustainable Rent Growth
- 33:28 – Future M&A Activity index & sentiment
- 39:46 — 2026 Warren Buffett moment
More Resources
Market Reports
A comprehensive overview of current multifamily real estate trends, including occupancy rates, rent growth, supply pipelines, and investment activity across key markets.
Wealth Unfiltered Podcast
Wealth Unfiltered delivers candid conversations and expert insights on multifamily real estate, covering market trends, investment strategies, and real-world deal experience.
Our Articles
Explore our latest multifamily real estate insights, from market trends and investment strategies to property management tips and industry updates to help you make smarter long term investments.
