By Brian Anderson, Cushman & Wakefield

As we move into 2026, the tone across commercial real estate capital markets feels materially different from the uncertainty that has defined the last two years. Liquidity is improving, pricing is stabilizing, and both lenders and investors are returning to the table with a renewed sense of conviction. At Cushman & Wakefield, our pipeline, deal flow, and client conversations all point to a year characterized by opportunity, particularly for groups that can bring structured, creative capital solutions to the table.

A More Predictable Economic Backdrop

The U.S. economy enters 2026 with greater balance than we saw in 2024 and 2025. GDP growth is expected to continue its growth potentially pushing 6% this year, supported by steady consumer spending and the continued wave of AI-driven investment. Even as job growth moderates, the broader macro environment remains resilient enough to support refinancing activity, new development nationwide, and increased capital deployment.

Monetary policy is shifting in a more supportive direction as well. With inflation gradually easing, the Federal Reserve has begun cutting rates, and policy expectations point toward the 3% range by year end. Long term Treasury yields have also steadied in the low to mid 4% range, giving borrowers and lenders a far more predictable baseline for underwriting and pricing than they’ve had over the past two years.

Capital Markets Are Re-Opening—and the Volume Proves It

Across Cushman & Wakefield’s Equity, Debt & Structured Finance (EDSF) platform, the data is telling a clear story: capital is flowing back into the market, and clients are positioning themselves to act.

As of December 2025, the national EDSF pipeline surpassed $18 billion across nearly 300 active mandates, spanning acquisitions, refinancings, construction financing, and recapitalization assignments. On the debt side alone, clients are pursuing more than $15 billion in financing opportunities, an unmistakable sign that both institutional and private capital are re engaging after a period of caution.

The momentum is also reflected in 2025 performance. Cushman & Wakefield closed almost $15 billion in transactions across hundreds of deals nationwide. Those closings represent a wide variety of property types and capital structures, underscoring the breadth of financing needs emerging as the market transitions out of its corrective phase. It’s clear that capital is not just returning, it’s doing so with intention and in pursuit of well priced opportunities.

A Platform Built for Scale, Reach & Execution

What sets our team apart in this environment is the combination of scale and specialization. Nationally, the platform delivered $11.2 billion in total financings, executed 320 loan closings, and now spans 15 offices across the U.S. This reach allows us to pair deep local market knowledge with a global capital network, an advantage that becomes especially valuable when liquidity is re-entering the system unevenly.

Our team’s ability to structure bespoke capital stacks, whether senior debt, preferred equity, JV equity, bridge solutions, or structured alternatives, positions clients to move quickly as windows of opportunity open. And in a year where timing matters as much as pricing, that agility is becoming a competitive differentiator.

Looking Ahead: Why 2026 Is a Year of Opportunity

Taken together, economic stabilization, easing rates, revived liquidity, and a deep, active pipeline, 2026 is shaping up to be a year where disciplined investors, lenders, and advisors gain meaningful ground. Borrowers will find a more accommodating financing environment. Lenders are returning with more competitive terms and stronger conviction. And equity capital, benefiting from corrected valuations, is re-entering the market with renewed appetite.

At Cushman & Wakefield, we are not just observing these shifts, we are driving them. The volume, velocity, and diversity of mandates moving through our platform signal a decisive move beyond the “wait and see” mindset that dominated the last two years. For those positioned with the right relationships, underwriting discipline, and market intelligence, 2026 is primed to be a year of strategic advantage.

Brian Anderson is an executive managing director in Cushman & Wakefield’s Equity, Debt & Structured Finance (EDSF) team, based in New Jersey. He is a seasoned commercial real estate finance expert with a focus on the origination and execution of equity and debt placement for commercial real estate owners and investors.