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This is a real estate market outlook and forecast report published by CBRE on February 7, 2025, covering the Norway real estate market with focus on capital markets and economic factors, with geographic emphasis on Oslo and broader Norway within Europe.
The NAHB analysis compares net new jobs created in 2024 (approximately 1.8 million) against housing permits issued in 2023 (1.51 million units) to assess whether housing construction is keeping pace with employment-driven demand, finding an overall jobs-to-permits ratio of 1.2 and elevated ratios of 1.84 for single-family permits and 2.61 for multifamily permits. The document identifies metropolitan areas with the highest housing supply pressures (Fairbanks, Morgantown, Battle Creek) and lowest pressures (Weirton, Wheeling, Elkhart), attributing imbalances to factors including construction costs, labor shortages, land availability, and regulatory barriers, while noting that multifamily development has played a more significant role in high-demand markets than single-family construction.
The Chief Economist's Weekly Watch for June 22, 2026 covers three key developments affecting commercial real estate: May PCE inflation data released Thursday with implications for Treasury yields and refinancing assumptions; Federal Reserve communication shifts following Chair Kevin Warsh's first FOMC meeting, which shortened the statement and removed forward guidance while projections turned hawkish toward a possible rate hike; and the Federal Reserve's annual bank stress test results released Wednesday, which assume a severe global recession and commercial real estate stress while maintaining current capital requirements without resetting stress capital buffers.
Nearly half of U.S. home sellers gave concessions to buyers in May, the highest May share in our records Concessions were most common in Nashville, the nation’s strongest buyer’s market, where three-quarters of sellers handed out concessions to attract buyers. They were least common in the Bay Area and other…
Q1 2026 APAC economic and property market outlook.
Productivity gains rather than employment are driving output, with implications for CRE.
Job growth remained steady while inflation resurged, creating headwinds for consumer purchasing power and apartment demand.
Monthly RICS sentiment survey of UK residential sales and lettings conditions for May 2026.
If you’ve been anywhere near a development site over the past few years, you’ll know how brutal construction cost increases have been. From 2020, builders were dealing with material shortages, labour constraints and rapid price increases that turned feasibilities into guesswork. But in 2026, changes are afoot.…
Teodora Paligorova , and Toshihide Yorozu Outstanding mortgage debt in the commercial real estate (CRE) sector totaled $6 trillion at the end of 2024 including owner-occupied and nonowner-occupied real estate, multifamily mortgages, and loans backed by acquisition, development, and construction projects. Banks hold…
Karen Pence , Ben Ranish , and Michael Suher Mortgage servicing right (MSR) valuations decrease when mortgage default and prepayment rates increase, as is generally the case when the economy enters into recession. To estimate how large these MSR valuation declines could be for the banking sector in a severe…
Anna Tranfaglia and Erin Troland Historic swings in rents during the pandemic have driven increased interest in research on the financial impacts of rising rents on households. However, compared to homeowners with a mortgage, data on renters are scarce, limiting researchers’ ability to analyze the 28 percent of…
SKIP AHEAD TO Economic Updates Tariffs and Trade: Labor Market Conditions: Consumer Sentiment and Inflation: State of the Economy and […] The post CompStat: The Flight to Quality Has a Price Tag appeared first on CompStak .
23 April 2026 There is real merit in making changes to the Capital Gains Tax (CGT) discount and Negative Gearing in Australia. Given we have a national housing crisis, this debate needs to include the State and Territory Governments, and it is essential to also bring Stamp Duty, Land Tax and the various Foreign…
Stewart Rubin and Marshall Swett of New York Life Real Estate Investors explores how tariffs they could signal a fundamental departure from the longstanding US commitments. The post Trade Winds Redrawn: US Tariffs and Commercial Real Estate appeared first on AFIRE .
What happens when uncertainty shakes the global economy, and investors start questioning where to put their money? The post AFIRE Podcast 2026.19: 2026 Economic Outlook with Moody’s Analytics Chief Economist Mark Zandi appeared first on AFIRE .
Despite continued economic uncertainty and geopolitical rebalancing, the latest AFIRE International Investor Survey underscores continued confidence in US real estate . . . with some important qualifications. The post The Case for US Real Estate in 2026 appeared first on AFIRE .
The CEO Perspective, by Michael Brooks March 11, 2026 Spring Economic Statement: Industry Priorities Each year, I try to speak to at least half of our Executive Members to understand, up to the moment, what’s going on in their business, […] The post Spring Economic Statement: Industry Priorities appeared first on…
Retiree discretionary spending is growing, driven by increased leisure demand and wealth transfer, shaping the future of consumer real estate.
Principal's mid-year house view argues the CRE recovery remains intact but uneven, with high conviction in data centers and residential, caution on life sciences, and an increasingly global portfolio approach.
AEW's U.S. economic and property market outlook covering office, apartment, industrial, and retail fundamentals alongside macro context on growth, inflation, labor, and Fed policy.
June 2026 research brief: job creation is rising while inflation worsens, creating a mixed outlook for commercial real estate as the labor market regains footing after a prolonged slowdown.
Lower rate volatility is supporting further housing recovery as Canada's average single-family home price finds a floor after nearly a year of decline.
May CPI data shows the most disruptive phase of the price shock may be easing, with contained core inflation and implications for retail tenant demand and big-box absorption.
AEW's European research perspective examining how new logistics demand drivers are offsetting geopolitical pressures, with implications for industrial real estate fundamentals across the region.
Cross-asset European commercial real estate forecast, with investment moderating as stakeholders await price clarity and the Eurozone economy projected to grow 1.0% in 2026.
JLL's quarterly perspective analyzes global real estate trends across investment, office, logistics, retail, living, and hospitality sectors amid economic uncertainty and geopolitical risk.
Examines how AI and machine learning firms concentrate in the Bay Area, New York and London, with AI leasing remaining strong across San Francisco and Manhattan's AI leasing already surpassing all of 2025.
A thematic study quantifying how AI-driven workforce change is expected to reshape U.S. office space demand through 2030.
Barings' U.S. CRE research notes recovery underpinned by solid household balance sheets, sharply lower construction activity, three-year-high transaction volumes in Q4 2025, and record CMBS issuance amid disciplined underwriting.
Blackstone's Global Head of Real Estate argues the sector has reached an attractive entry point, with construction down 60%+, debt costs down ~40% since 2023, and valuations only modestly off their trough. Conviction themes include data centers, warehouses, and rental housing.
Knight Frank's flagship global corporate real estate research bringing data-led insight on the future direction of office occupancy, workplace strategy and corporate space requirements.
JLL identifies six interconnected forces reshaping commercial real estate in 2026, spanning cost pressures, supply constraints, AI implementation, energy-system convergence, and broadened investment access.
The Americas chapter of LaSalle's ISA Outlook 2026, with stabilizing valuations, improving debt market liquidity and a sharp pullback in new development signaling early signs of a new cycle.
The Europe chapter of LaSalle's ISA Outlook 2026, arguing European real estate is breaking out of the cycle with strong occupier demand in luxury high streets and prime city-center offices.
The Asia Pacific chapter of LaSalle's ISA Outlook 2026, as long-standing assumptions about trade, demographics and inflation give way to more intricate market dynamics.
PGIM Real Estate's 2026 view on Asia Pacific markets, highlighting the flight to quality and ongoing rental outperformance of CBD over non-CBD offices.
PGIM's house view for US commercial real estate in 2026 argues that uncertainty is prolonging the early phase of the recovery cycle, while tepid capital availability creates a favorable vintage for selective acquisitions, development and credit.
Field report from the MBA Commercial/Multifamily Finance Convention covering capital availability, lending competition, and credit-spread compression across CRE sectors. Notes spreads as tight as 2021 and shifting lender risk tolerance.
LaSalle's ISA Outlook 2025 North America chapter, forecasting that US and Canadian real estate is on the verge of a new cycle as interest rates fall from peak and transaction volume grows slowly.
Heitman and ULI's fifth climate-risk report examines the impact of rising property insurance costs on commercial real estate, with strategies for securing affordable coverage and emerging trends reshaping the market.
Knight Frank's review of US residential market dynamics, covering pricing, demand and prime-market trends across major American cities.
Invesco's Listed Real Assets team's recurring commentary on the listed real estate market and outlook, covering market and sector performance, sub-sector reviews and regional forecasts.
Home prices fell from prior peaks in 28 of 33 major expensive U.S. cities tracked in May 2026, with the largest declines in Austin (-27%), Oakland (-26%), and New Orleans (-19%), while prices rose year-over-year in only eight cities, notably Chicago and New York City which reached new all-time highs, and San Francisco where AI-driven compensation packages created a "mansion shortage" effect that boosted mid-tier prices 7.8% year-over-year. The analysis attributes prior price spikes from mid-2020 to mid-2022—led by Austin (+62%), Phoenix (+60%), and Fort Worth (+50%)—to Federal Reserve monetary policies including near-zero mortgage rates through quantitative easing, which created the current affordability crisis.
Hotel occupancy was weak in 2025. It is difficult to tell early in the year because travel is always weak in early January. From STR: U.S. hotel results for week ending 3…
The document announces four U.S. economic data releases scheduled for Friday, January 10, 2026: the December employment report (consensus expectation of 55,000 jobs added and unemployment declining to 4.5%), Housing Starts for September and October, the University of Michigan Consumer Sentiment Index preliminary reading for January, and Q3 Flow of Funds Accounts from the Federal Reserve.
The Federal Reserve released the Q3 2025 Flow of Funds report today: Financial Accounts of the United States . The net worth of households and nonprofits rose to $181.6 trillion during the third quarter of 2025. The…
From Manheim Consulting today: Manheim Used Vehicle Value Index: December 2025 Trends The Manheim Used Vehicle Value Index (MUVVI) rose to 205.5, reflecting a 0.4% increase for wholesale used-vehicle prices…
From the MBA: MMortgage Applications Decreased Over a Two-Week Period in Latest MBA Weekly Survey Mortgage applications decreased 9.7 percent from two weeks earlier, according to data from the Mortgage Bankers Association’s (MBA)…
Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in December A brief excerpt: Last year (2025) might have seen the lowest number of existing home sales since 1995.…
(Posted with permission). The ISM® Services index was at 54.4%, up from 52.6% the previous month. The employment index increased to 52.0%, up from 48.9%. Note: Above 50 indicates expansion, below 50 in…
This graph shows heavy truck sales since 1967 using data from the BEA. The dashed line is the December 2025 seasonally adjusted annual sales rate (SAAR) of 311 thousand. Note: "Heavy trucks - trucks more than 14,000 pounds gross vehicle weight."
The household real estate asset market value reached $48.7 trillion in the first quarter of 2026, representing a 1.7% increase from the fourth quarter and a 2.6% increase year-over-year, while owners' equity in real estate totaled $34.9 trillion with a 71.6% equity share. Among generational cohorts as of the fourth quarter of 2025, Baby Boomers held the largest real estate assets at $19.4 trillion, followed by Gen X at $14.3 trillion and Millennials at $10.2 trillion, with Millennials experiencing the highest percentage gain of 80.4% since the fourth quarter of 2020.
Builder confidence in newly built single-family homes fell to 35 in the NAHB/Wells Fargo Housing Market Index for June 2026, marking the 14th consecutive month below 50, driven by rising material costs, elevated mortgage rates, and affordability challenges. The survey found that 35% of builders cut prices in June with an average reduction of 6%, while 62% used sales incentives, and regulatory costs were estimated to add more than 26% to the price of an average single-family home.
An NAHB study estimates that government regulations account for $131,734, or 26.4% of the average price of a new single-family home, comprising $46,795 in lot-development regulatory costs and $84,939 in builder-phase construction costs. The regulatory cost burden increased 40% from the 2021 estimate of $93,871, more than double the 2011 estimate of $65,224, based on surveys conducted in March 2026 and calibrated against a January 2026 average new home price of $499,500.
The median wage of construction payroll workers in 2025 was $61,370, exceeding the U.S. median of $50,980, with Chief Executive Officers earning the highest median wages in the industry at over $198,000. Among construction trades specifically, elevator installers and repairers topped the list with a median wage of $113,710, while carpenters, plumbers, and electricians all earned substantially above the national median, with wage variation generally correlating to required education, training, and expertise levels.
National house prices rose 1.7% year-over-year in the first quarter of 2026, the slowest annual appreciation since the second quarter of 2012, driven by higher mortgage rates and affordability challenges. Regional variation was pronounced: Puerto Rico led with 16.3% appreciation while Colorado recorded the largest decline at 2.4%, and among the 100 largest metro areas, annual appreciation ranged from −6.9% to +10.8%, with Midwest and Northeast metros outperforming while markets in Florida and Texas weakened.
In April 2026, nonfarm payroll employment increased in 41 states and the District of Columbia with a national gain of 115,000 jobs, while construction employment added 9,000 jobs nationwide with 32 states recording gains. State unemployment rates ranged from 2.2 percent in South Dakota to 6.2 percent in the District of Columbia, which experienced significant federal workforce reductions exceeding 300,000 positions in 2025.
Single-family construction declined across all geographies in Q1 2026, with large metro core counties experiencing the sharpest pullback of 16.0% year-over-year, driven by elevated interest rates, rising material costs, and labor shortages, while multifamily construction expanded in most markets with large metro core counties leading at 20.8% growth. The data reflects a decade-long structural shift away from dense population centers toward smaller and outlying markets in single-family construction, while multifamily construction has recently begun regaining share in large metro core counties after a period of migration to smaller markets.
The annual outlook reviews Canadian commercial real estate fundamentals and investment themes across the office, industrial, multifamily and retail sectors.