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CRE Recovery and Widening Divide
CRE recovery is intact, but widening dispersion across property types and markets underscores a K-shaped, more uneven path forward.
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Indianapolis ranked as the top multifamily investment market in the U.S., in the latest Top Markets for Multifamily Investment Report from Arbor Realty Trust and @Chandan Economics. The market has been supported by strong labor market conditions, tight occupancy levels, and a favorable affordability profile. The…
CRE recovery is intact, but widening dispersion across property types and markets underscores a K-shaped, more uneven path forward.
Record CRE pricing persists despite macro shocks, with a shift toward smaller, older properties at higher valuations.
Amid a cooling market, D.C. multifamily investors may see strong workforce housing demand and higher-for-longer rates in 2026.
Q1 2026 Essential Housing Research Perspective covering the U.S. essential/affordable housing market.
Job growth remained steady while inflation resurged, creating headwinds for consumer purchasing power and apartment demand.
The CRE market is no longer waiting for lower rates or policy clarity; it is learning to operate without either.
The Cushman & Wakefield Netherlands Living Q4 2025 report analyzes the Dutch residential investment and occupier markets, noting that full year 2025 investment volume increased 22% to approximately €5.7 billion, with 2026 expected to see strong growth following a January 2026 transfer tax reduction for investors, while gross prime yields are stabilizing around 4%. The occupier market faces a persistent structural shortage of approximately 395,000 housing units across both owner-occupied and rental segments, with average transaction prices at €502,000 and continued upward pressure on rents driven by reduced rental supply and high demand, particularly benefiting wealthier first-time buyers in urban apartment segments.
This Cushman & Wakefield MarketBeat report covers Poland's residential sector in Q1 2026, analyzing economic fundamentals including GDP growth of 4.0% year-on-year, inflation at 3.0%, mortgage demand surging 80.5% annually, and average flat prices in Warsaw reaching PLN 19,253 per sqm on the primary market and PLN 18,526 per sqm on the secondary market. The report documents new housing starts of 30,886 units, flat completions of 26,064 units, building permits issued for 45,862 units, and notes that rental growth has stabilized at 0% annually while Poland's five-year rental increase of 60% remains more than double the European Union average.
Krakow's 2026 real estate market report by Knight Frank covers office, retail, warehouse, hotel, and residential sectors, presenting market data and trends across Poland's leading regional business center. Key findings include office market take-up reaching a historic high of 269,500 sq m in 2025 with a 18.4% vacancy rate, retail stock at 658,000 sq m with exceptionally low 2.6% vacancy, and warehouse stock exceeding 1.2 million sq m with 2.8% vacancy amid constrained supply.
This is a market report published by Colliers on September 30, 2025, providing an investment market overview for Prague and the Czech Republic in the third quarter of 2025. The report covers capital markets activity and investment trends across the multifamily, office, and retail sectors in the Prague market.
Poland's economy expanded 3.7% year-on-year in Q3 2025, the fastest pace since Q4 2022, driven by private consumption and a stable labour market, with inflation at 2.9% and mortgage enquiries rising 42.2% year-on-year according to Cushman & Wakefield's residential sector analysis. During the first three quarters of 2025, construction began on 100,113 flats intended for sale or rent, representing a 14% decrease from the same period in 2024, while average asking prices on the primary market in Warsaw reached PLN 17,322 per square meter with modest quarterly growth of 1%.
Knight Frank's H1 2025 report on Krakow assesses the city's investment attractiveness, office market dynamics, and labor market trends. Key findings include Krakow ranking 1st in business friendliness and human capital among large European cities in the fDi's 2025 ranking, with 1.83 million sq m of office stock, record H1 2025 take-up of 172,000 sq m (including nearly 123,000 sq m in Q2 alone), a vacancy rate of 17.3%, and headline rents stable at EUR 10–18 per sq m/month, while an HR perspective section examines EU pay transparency directive implementation challenges beginning December 2025 and notes that 53% of Poland's active real estate agents are women.
This is a data and figures report published by CBRE on June 30, 2025, presenting multifamily residential market information for Warsaw and Poland in the second quarter of 2025.
This is a market report published by Colliers in December 2025 covering the Finnish residential multifamily sector, with a focus on investment activity in 2025. The report covers Helsinki and broader Finland markets as part of its analysis.
This is a real estate market outlook and forecast report published by CBRE on December 31, 2025, covering the Finland real estate market with focus on capital markets activity. The report includes coverage of Helsinki and broader Finnish real estate sectors.
Zurich's serviced apartments stock nearly doubled from 2,760 units in 2017 to 5,320 units in September 2025, with district 4 containing the highest concentration. Political initiatives in the city are seeking to restrict serviced apartment growth in residential zones and limit short-term residential lettings to no more than 90 days annually.
This is a market report published by CBRE in December 2025 covering the multifamily residential sector in Austria, with focus on Vienna.
This is a data report published by CBRE on September 30, 2025 presenting multifamily housing figures for the third quarter of 2025 in Copenhagen, Denmark.
JLL's 2025 review of Belgian commercial real estate documents major trends across offices, industrial and logistics, retail, and investment markets, with take-up in offices exceeding 360,000 m² (70% in Grade A buildings) while vacancy in Greater Brussels remained at 7.8% and rental values reached a record €193/m²/year on average. The investment market reached approximately 4.3 billion euros by early December, with industrial real estate recording an absolute record of 1.3 billion euros and Ultra High Net Worth private investors accounting for nearly a quarter of total volume, while the 2026 outlook remains cautious due to economic uncertainties and geopolitical conditions.
Lisbon's residential market has shifted from primarily investment-driven demand to lifestyle-focused appeal, with prime prices rising 2.7% in 2025 and forecast to increase another 4.5% in 2026, supported by tight supply of around 2,000 new homes delivered annually, €3.9 billion in foreign direct investment in 2025, and broadening buyer diversity from the US, France, Brazil, and China. Secondary segments including Comporta and Cascais are gaining prominence as international buyers prioritize long-term positions, rental income potential, and infrastructure development, while policy tightening around the Golden Visa and NHR schemes has not deterred demand sustained by visa channels including D2 and D7 permits, with over 386,000 residence permits issued by October 2025.
Irish investment spending reached approximately €699 million in Q3 2025, up from Q2 and 18% stronger than the prior twelve months, with the living sector comprising €260 million (led by Ardstone's acquisitions of Spencer Place and Birchwood Court) and the office sector accounting for €247 million across 12 transactions. Economic indicators for 2025 forecast GDP growth of 10.8% and personal consumption of 2.9%, while the sector breakdown shows residential representing 37% of investment volumes, office 35%, retail 14%, and industrial 13%.
Ireland's residential investment market contracted significantly following 2022 interest rate hikes and rental regulations, with total investment reaching €481 million in 2024 (10.8% above 2023 but 56% below the ten-year average) and only €10 million deployed in Q1 2025. Dublin apartment completions are projected to decline 40% from 2023 peaks and 17.8% from 2024 levels in 2025, falling far short of the estimated annual requirement of 19,600 to 36,400 units, though analysts expect modest recovery in 2026–2027 supported by government rental sector reforms announced in June 2025 and favorable economic fundamentals including 4% unemployment and a young population demographic.
JLL's H1 2025 review of Belgian commercial real estate reports approximately €1.6 billion in total transaction volume, with industrial real estate reaching €768 million (nearly half the total), office investment at €216 million (the lowest since 2012), and retail at €346 million, while industrial vacancy remains below 3% nationally but occupier demand has weakened across most segments. The document projects 2025 will become the most successful year ever for Belgian industrial real estate investment due to major transactions including the €300 million Weerts portfolio sale to Intervest, while office sector remains subdued despite strong rental rates in Brussels (€400/sq m/year) and office take-up concentrating 75% in Grade A buildings.
Residential real estate investment in France totaled 703 million euros in the first quarter of 2026, representing a 20 percent decline from 882 million euros in the first quarter of 2025, driven by a significant reduction in transaction volume (43 versus 73 transactions) and the absence of portfolio investments. Foreign investors maintained a 22 percent market share in the quarter but were highly selective, focusing their investments exclusively on Paris and Hauts-de-Seine.
This is a data figures report published by CBRE on December 31, 2025, presenting fourth quarter 2025 market data for the multifamily residential sector in Barcelona, Spain.
This Cushman & Wakefield market report covers Spain's residential real estate sectors—including PRS (Private Rented Sector), BTR (Build-to-Rent), Flex Living, and nursing homes—through Q3 2025, presenting transaction volumes, rental rates, yields, investor activity, and demographic trends. Key findings include 422,000 total residential transactions up to July 2025 (18.76% increase year-over-year), PRS/BTR/Flex Living investment of €875 million in H1 2025 (52% increase), rental price growth exceeding 10% annually despite supply increases, and Spain's aging population projected to have the second-highest old-age dependency ratio in Europe by 2050, supporting strong fundamentals for senior care facilities.
Paris's prime residential market continues to demonstrate resilience despite a barrage of headwinds, according to Knight Frank's Residential Paris Market Insight 2025 report released in June 2025.
Spain's residential market accelerated in the first half of 2025 with sales growing 8.5% year-on-year to mark the strongest start since 2007, driven by falling mortgage interest rates (around 2.8%), employment growth, and migration flows that are projected to add over 5 million inhabitants to Spain between 2025 and 2039. Housing prices rose 6.2% in H1 2025 to exceed €2,090/m², with dynamic markets such as Madrid (+7.7%), Málaga (+7.4%), and Valencia (+7.4%) outperforming the national average, while a structural supply deficit estimated at 250,000 units annually continues to fuel upward price pressure despite improvements in new-build permits.
Knight Frank's 2025 review examines Birmingham's residential development market, analyzing growth drivers including life sciences and technology investment, the pending HS2 arrival, and approved major development schemes expected to deliver approximately 8,000 new homes alongside new offices and public spaces. The document reports that Birmingham's economy is projected to expand 19% from £34.0 billion in 2025 to £40.6 billion by 2035, with housing delivery reaching 4,546 net additions between 2023 and 2024, though this remains below the long-term average of 2,700 homes annually and the newly proposed local target of 4,448 homes per year.
Hamburg's residential market recorded the highest rental growth among Germany's eight largest cities in H2 2025, with median offered rents reaching €18.12/m² and growing 9.03 percent annually, while new construction rents surged 12.4 percent year-over-year and 57.7 percent over five years. Across the Big 8 cities analyzed, median offered rents averaged €18.17/m² with 4.4 percent annual growth in H2 2025, though construction completions fell to a 2015-era low of 251,900 units in 2024 with further declines expected in 2025–2026, creating persistent supply shortages despite policy interventions including October 2025's "Bau-Turbo-Gesetz.
This JLL report covers Germany's housing market in the second half of 2025 across eight major cities (Berlin, Hamburg, Munich, Cologne, Frankfurt, Dusseldorf, Stuttgart, and Leipzig), analyzing rental and condominium price developments, construction activity, and supply-demand dynamics. Key findings include: rental growth in the Big-8 cities averaged +4.4 percent annually with significant variation by city (Hamburg +9.0 percent, Berlin +0.2 percent); condominium prices showed recovery with median growth of +2.9 percent in Munich and +5.3 percent in Dusseldorf; construction completions declined to preliminary lows of 251,900 units in 2024 and projected at 220,000–230,000 for 2025; and all analyzed cities face supply deficits ranging from 10 to 40 units per 10,000 inhabitants, with 2026 expected to mark the lowest completion point before recovery.
This is a fourth-quarter 2025 market report published by Savills covering the build-to-rent sector in the United Kingdom, with a focus on London. The report provides an update on multifamily rental market conditions and developments in the UK during that period.
Knight Frank's Q3 2025 quarterly review reports that investors committed over £3 billion to the UK Build to Rent market in the first nine months of 2025, with more than £850 million invested in Q3 alone, representing a 35% year-on-year increase across multifamily housing, single-family homes, and co-living sectors. The document notes that UK BTR completed stock surpassed 153,367 homes as of Q3 2025 (up 25% compared to Q3 2024), with an additional 54,354 homes under construction expected to bring the sector to over 200,000 operational homes within the next few years, though challenges including construction viability, planning delays, and Gateway approval processes are expected to result in falling completions in coming years.
JLL's analysis examines Transit-Oriented Development (TOD) potential in Vietnam's major urban centres of Ho Chi Minh City and Hanoi, identifying fundamental elements including higher density cores, growing public transportation networks, and land availability along transit corridors. The document reports that properties in TOD catchment areas along HCMC's Metro Line No. 1 achieved 34% price growth over five years and emphasizes that successful TOD requires integrated coordination among government, developers, operators, and communities, with strategic focus on experiential connectivity rather than physical proximity to stations.
Build to Rent has long been positioned as a key part of Australia’s housing solution – but in the ACT, the sector has yet to reach its full potential. Despite strong fundamentals and growing demand for professionally managed, long-term rental housing, the policy and regulatory environment continues to present real…
Build to Rent and Build to Sell Apartments Charter Keck Cramer’s Residential Market Update & Outlook returns in 2026 and we’re heading to Brisbane for the very first time! Presented by National Executive Director of Research, Richard Temlett, the Brisbane session will bring together the most current apartment…
This is the official release of Charter Keck Cramer’s National State of the Market – Residential Build to Sell (BTS) and Build to Rent (BTR) Apartments, H2 2025 report for key metropolitan areas. Report Overview Our Research team has consolidated our market-leading insights into a National State of the Market…
Edmonton's rental market demonstrated resilience through 2025 with rents reaching new highs despite elevated vacancy and substantial construction activity, supported by strong population inflows of young adults attracted to affordability and employment in public administration, health care, logistics, and technology. The report projects that steady in-migration, improved labor conditions, and Edmonton's affordability advantage will sustain moderate, inflation-paced rent growth through 2026 as the market absorbs elevated completions.
Edmonton's multifamily rental market in the first half of 2025 experienced moderated migration growth, a 3.1% vacancy rate as of October 2024, and median rents of $1,295 for one-bedroom and $1,629 for two-bedroom units—both below national averages. The market fundamentals show 127 total properties sold with $779.1 million in sales volume year-to-date, an unemployment rate of 7.3%, and multiple developments in the construction pipeline expected to deliver over 1,500 new rental units by 2026, with The Parks downtown introducing 363 units in the first half of 2025.
Vancouver's multifamily market report by Avison Young covers H1 2025 trends, noting that nearly 20,000 rental units are under construction as of July 2025 despite structural challenges expected to create supply shortfalls in 2-3 years, while the market has shifted toward buyers with cap rates exceeding 4%, vacancy at 1.9%, average rents at $2,830 per month, and annual rent declines of 7.0%. The report identifies private capital as increasingly dominant as institutional investors retreat, with activity concentrated in value-add segments and well-located competitively-priced assets, while zoning reforms and federal programs support affordable housing development.
This is a multifamily housing market report for New Orleans published by Berkadia in the first quarter of 2026. The report covers the multifamily sector in the New Orleans, Louisiana area.
This is a 2026 market forecast report published by Berkadia covering the multifamily sector in New Orleans, Louisiana.
This is a multifamily market report for New Orleans published by Berkadia in the third quarter of 2025. The report covers the multifamily sector in the New Orleans area.
This is a market report published by Berkadia on June 30, 2025, covering the multifamily sector in Pittsburgh, Pennsylvania, with national context. The report provides mid-year 2025 analysis of the multifamily real estate market.
This is a multifamily market report published by Berkadia in June 2025 covering the New Orleans market at mid-year. The report addresses the multifamily sector in New Orleans, Louisiana with reference to national markets.
This Cushman & Wakefield report analyzes Richmond, Virginia's multifamily market in Q1 2026, finding that the region experienced sustained job growth with an 18.1% increase in job postings since February 2020 (versus the U.S. average of 13.4%), while overall vacancy decreased 30 basis points year-over-year to 9.2%, effective rents grew 2.0% year-over-year to $1,603 per unit, and the construction pipeline contained 4,425 units under development. Major announced investments included Solstice Advanced Materials' $220 million commitment in Chesterfield and Eaton's $50 million investment in Henrico County, with year-to-date net absorption of 469 units and sales volume totaling $203 million in the quarter.
Cushman & Wakefield's Q1 2026 Kansas City multifamily market report shows a 4.5% vacancy rate, $1.49 effective rent per square foot, and 0.9K net absorption across 190,759 total inventory units, with approximately 7,000 units under construction. The market experienced 3.2% year-over-year rent growth, outpacing national averages, while unemployment held at 4.1% and absorption outpaced deliveries by 200 units in the quarter, indicating steady sustainable growth.
Investment activity in the Kansas City market reached $4.2 billion in total sales volume over the past year, representing a 20.6% increase compared to the prior five-year average, with multifamily and retail assets accounting for 66.1% of activity and the metro area ranking fourth among the 13 largest Midwest markets. Capitalization rates compressed by 98 basis points year-over-year to 6.1% in first quarter 2026, rental rates reached record highs in industrial ($6.23 per square foot) and multifamily ($1,430 per unit) sectors, and vacancy rates declined year-over-year in office, multifamily, and industrial property types.
This is a multifamily market report published by Berkadia in Q1 2026 covering the Baltimore area within a national context.
Richmond's multifamily market softened in 2025 with occupancy declining 10 basis points year-over-year to 95.2%, effective rents declining 0.1%, and sales volume reaching $800 million. Hampton Roads exhibited stronger fundamentals with occupancy increasing 70 basis points to 96.5%, effective rent growth of 3.2% year-over-year, and multifamily sales of approximately $1.1 billion, representing a 30.7% increase from 2024.
This is a multifamily sector data report published by CBRE on June 30, 2025, presenting figures for the Baltimore market in the second quarter of 2025.
This is a multifamily market report published by Colliers in the first quarter of 2026 covering the Cleveland, Ohio market and national multifamily sector trends.
Cushman & Wakefield's Q1 2026 Las Vegas multifamily market report shows the metro added 312 units across one property while maintaining resilient demand with net absorption of 403 units, resulting in a vacancy rate decline to 10.6% and an effective rent of $1,451 per unit. Economic conditions improved with Las Vegas employment at 1.2 million, unemployment falling to 5.5%, and median household income reaching $84,400, while the construction pipeline compressed to 5,487 units underway—its lowest level since 2021—with year-end deliveries expected to reach 4,880 units, 46% above the 10-year average.
The Columbus multifamily market in Q4 2025 recorded a vacancy rate of 10.6% (a recent high, up 140 basis points year-over-year) and an effective rent of $1,346 per unit monthly, with 2025 marking a record-breaking delivery year of nearly 9,500 units despite more than 11,000 units remaining under construction. Net absorption for 2025 totaled more than 5,800 units (the second-highest on record), while Greater Columbus ranked 7th nationally on RentCafe's 2025 livability index and maintained a 4.6% unemployment rate equivalent to the national average.
Columbus's multifamily market reached a two-decade high vacancy rate of 9.9% in Q4 2025 as new supply deliveries increased 41% year-over-year while average asking rents stalled at approximately $1.4K per unit with flat quarterly growth of 0.4%. The report identifies elevated mid-priced Class B deliveries in suburban submarkets, particularly Delaware County, as the primary driver of competitive pressure, while noting that the slowing construction pipeline and expected sharp decline in 2026 deliveries may improve market balance.
Cushman & Wakefield's Q4 2025 Cincinnati multifamily market report shows vacancy reached 8.1% (the highest level since 2005, up 60 basis points year-over-year), while effective monthly rent stood at $1,400 per unit (a 2.3% year-over-year increase). The market delivered 2,886 units in 2025 with 4,250 units under construction, marking the 16th consecutive year of positive net absorption at 2,374 units for the year-to-date period.
This is a first-quarter 2026 market report published by Northmarq covering the multifamily sector in Salt Lake City, Utah, with national context.
This is a multifamily market forecast report published by Berkadia in March 2026 covering Salt Lake City, with national context included. The report provides an outlook on the multifamily sector for 2026 in the Salt Lake City area.
The Portland multifamily market in Q2 2026 maintained a 7.1% vacancy rate with average asking rents of $1,656 per month, remaining essentially flat year-over-year despite positive net absorption of 2,604 units year-to-date. Construction activity declined significantly, with units under construction falling 35.9% to 4,215 units and year-to-date deliveries down 24.8% to 1,813 units, while average sale prices per unit decreased 12.9% to $182,489 and cap rates increased to 6.4%.