What's moving in commercial real estate — and what it means for capital.

CRE Loan Maturities

Updated September 2026

2026 CRE Loan Maturity Wall

According to the Mortgage Bankers Association, $875 billion—17% of the $5.0 trillion of outstanding U.S. commercial and multifamily mortgages—is scheduled to mature in 2026, down 9% from $957 billion in 2025. Distress has not faded with the volume: Trepp's CMBS special servicing rate reached 11.42% in August 2026, its highest level since February 2013, and CRED iQ's CRE CLO distress rate jumped from 19% in July to 28% in August 2026.

Multifamily

Updated September 2026

Multifamily Market Outlook 2026

U.S. multifamily demand improved materially in Q2 2026 and absorption again exceeded completions, but rent growth remained modest and performance varied sharply by market. The practical issue for owners is timing: operating recovery may arrive later than a loan maturity, acquisition closing or recapitalization deadline.

Hotels

Updated September 2026

Hotel Market Outlook 2026: RevPAR & Debt

U.S. hotel performance strengthened through mid-2026: CoStar reported July 2026 occupancy of 69.7% and RevPAR of $119.77, up 8.2% year over year, while Lodging Econometrics projects new supply growth of just 1.3% in 2026. Credit is more mixed—Trepp's lodging CMBS delinquency rate rose to 5.35% in July 2026, and Trepp counts $18.7 billion of hotel CMBS loans maturing this year.

Office

Updated September 2026

Office Market 2026: Vacancy & Distress

U.S. office vacancy is edging down from its peak: CBRE reported 18.3% in Q2 2026, down 30 basis points in the quarter, as new construction fell to 15.4 million sq. ft. Debt stress has not eased at the same pace—Trepp's office CMBS delinquency rate rose to 11.91% in July 2026, and Yardi Matrix counts $289.2 billion of office loans that recently matured or mature by the end of 2028.

Retail

Updated September 2026

Retail Real Estate 2026: Vacancy, Rents

U.S. retail vacancy was 6.0% in Q2 2026, according to Cushman & Wakefield, well below its 7.4% historical average, while CBRE put the national availability rate at 4.9% with asking rents up 2.4% year over year. New supply is minimal—the active development pipeline is under 0.3% of inventory—but Trepp's CMBS retail delinquency rate still stood at 6.96% in July 2026, so tight fundamentals have not removed property-level capital stress.

Industrial

Updated September 2026

Industrial Vacancy & Market Trends 2026

U.S. industrial vacancy fell to 6.9% in Q2 2026, according to Cushman & Wakefield, as 62.1 million square feet of net absorption met just 62 million square feet of deliveries; CBRE measured vacancy at 6.5%, its first quarterly decline since Q2 2022. Shallow-bay space remains the tightest segment at 4.8% vacancy, versus 8.1% for buildings over 500,000 square feet, while national asking rents rose 2.9% year over year.

Self-Storage

Updated September 2026

Self-Storage Market Data 2026

U.S. self-storage occupancy is holding above 90% at the largest REITs—92.5% at Public Storage and 94.2% at Extra Space in Q2 2026—but rents are still soft, with Yardi Matrix reporting street rates down 2.2% year over year in August 2026. Supply is easing: Marcus & Millichap projects 53 million square feet of 2026 completions, the smallest delivery slate since 2016, while deal volume rose almost 50% year over year through June.

Senior Housing

Updated September 2026

Senior Housing Market 2026: Occupancy & Supply

Senior housing entered the second half of 2026 with occupancy at a multi-cycle high and construction at its lowest level since 2012. That supports existing-property fundamentals, but it also puts more weight on operator execution and capital structure: a property can benefit from strong sector demand and still face a maturity, recapitalization or stabilization problem.

Data Centers

Updated September 2026

Data Center Market 2026: Vacancy, Power & Supply

North American data center vacancy sat near record lows in mid-2026: about 1% according to JLL and 1.4% in CBRE's primary markets, even as construction hit records. Power, permitting and local approval, not capital, now set the pace of new supply. That leaves smaller enterprise users and existing powered buildings in a tight spot, and that's where time-sensitive financing needs show up.

Industrial Outdoor Storage

Updated September 2026

Industrial Outdoor Storage (IOS) Market 2026

Industrial outdoor storage (truck yards, equipment and container storage, and lots with little building coverage) kept outperforming traditional industrial into 2026. CBRE put average IOS rents at $13.14 per square foot in Q4 2025, a 17.9% premium over traditional industrial, with vacancy near 2.5%. Zoning keeps new supply scarce, so existing, properly zoned yards are valuable, but they're still often hard to finance quickly.

Cold Storage

Updated September 2026

Cold Storage Market 2026: Vacancy & Older Facilities

U.S. cold storage vacancy reached a record 7.7% in the first half of 2026, according to Newmark, after the sector's first negative first-half absorption since 2007. The weakness sits mostly in older facilities: buildings from before 2006 hold 68% of vacant space, while tenants move into newer product. For owners of older buildings, that turns into refinance, re-leasing and upgrade decisions on a clock.

Medical Office

Updated September 2026

Medical Office Market 2026: Occupancy, Rents & Supply

Medical office is one of the steadiest corners of commercial real estate in 2026. Avison Young put healthcare occupancy at 92.4% in Q2 2026, and CBRE reported record average medical office asking rents of $25.46 per square foot with a fifth straight quarter of positive demand. With little new construction, well-located buildings are scarce, but older, partly vacant or single-tenant buildings still run into financing gaps.

Flex & Small-Bay

Updated September 2026

Small-Bay Industrial Market 2026: Vacancy, Pricing & Supply

Small-bay industrial is the tightest part of the industrial market in 2026. CRE Daily, citing Q2 2026 research, put small-bay vacancy at about 4%, 47% below the rest of industrial, with buildings under 50,000 square feet trading at $147 per square foot against $108 for larger formats. New supply is scarce, so well-run buildings do well, while older buildings, partly vacant multi-tenant properties and big-box-to-small-bay conversions can still need short-term capital.

Dallas–Fort Worth · Multifamily

Updated September 2026

Dallas–Fort Worth Multifamily Market 2026

Dallas–Fort Worth multifamily entered a more balanced phase in Q2 2026: absorption accelerated, the construction pipeline contracted and stabilized vacancy improved. Yet rents remained below year-earlier levels, so the recovery is highly dependent on submarket, vintage, concessions and an owner's time to execute.