Monday, 2 February 2026
Most commercial real estate companies anticipate higher revenues in 2026, although expectations have moderated slightly compared with the previous year, according to the Deloitte 2026 Commercial Real Estate Outlook. The study indicates that 83 percent of respondents expect revenue growth in the coming year, down from 88 percent a year earlier, while 68 percent plan to increase operating expenses. In parallel, 65 percent foresee improvements in underlying market conditions such as access to capital, rental levels and vacancy trends, a marginal decline from last year’s figure of 68 percent.
Against this backdrop, nearly three-quarters of surveyed companies intend to raise their level of real estate investment during 2026. Inflation protection was cited as the primary motivation, followed by portfolio diversification and potential tax considerations. The findings suggest that companies continue to view property assets as a tool for balancing financial exposure in a volatile economic environment.
Regional sentiment varied. European respondents expressed the strongest confidence in market prospects, with around 70 percent expecting more favourable conditions in leasing, lending and capital market financing. Companies in the Asia-Pacific region were comparatively more cautious, with 63 percent anticipating improvements but close to one in five expecting conditions to worsen, particularly in relation to financing costs and capital availability. In North America, expectations were more neutral, with roughly a quarter of participants predicting stable trends in rents, vacancies and funding costs.
Overall industry sentiment, measured through Deloitte’s sector index, remained elevated at 65 points out of 100, significantly above levels recorded in 2023 and only slightly below last year’s peak. Respondents identified access to capital as the most influential macroeconomic factor for 2026, moving sharply up the ranking compared with the prior year. Other concerns included interest rates, financing costs, currency fluctuations and tax policy changes. Cybersecurity risks declined in perceived importance, while employee retention moved higher on the list of business challenges. International trade policy appeared as a newly identified risk, ranking particularly high among Asia-Pacific participants.
“Developments in the real estate market are closely linked to the economic conditions in the respective market, so the optimism of the participants to the study indicates that they are adapting on the go to the volatility of the business environment they have faced over the recent years and are increasingly relying on the speed of reaction, while also quickly identifying long-term development opportunities. In Romania, real estate companies are counting on a gradual decrease in inflation and, implicitly, in financing costs this year, but also on the continuation of public investment, especially in infrastructure, which can generate increased demand in the real estate market (industrial, logistics, retail, offices, etc.),” said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal, and Real Estate Industry Leader at Deloitte Romania.
In terms of asset preferences, properties linked to the digital economy, including data centres and telecommunications infrastructure, ranked highest among investment targets. Logistics and warehousing moved into second position, while industrial and manufacturing assets slipped to third place. Office properties in both suburban and central locations improved their standing compared with the previous year, indicating a partial return of investor interest in the office segment.
The survey also noted a moderation in expectations surrounding artificial intelligence adoption within the sector. Around one fifth of respondents reported being at an early stage of implementation, while more than a quarter cited challenges such as technical limitations, limited expertise and organisational resistance.
The Deloitte 2026 Commercial Real Estate Outlook study was conducted among more than 850 commercial real estate companies worldwide, each managing assets exceeding USD 250 million, across Europe, North America and the Asia-Pacific region.
Source: Deloitte
