Affinius Capital’s 2026 North American House View, From Static to Signal: The Path to Lift-Off, suggests the commercial real estate market is beginning to transition out of the prolonged period of capital markets gridlock as pricing adjustments largely work their way through the system.
While broader economic momentum is expected to slow, the report identifies artificial intelligence-related investment as a key source of resilience supporting demand across sectors. Rapid data center expansion is also beginning to outpace available power capacity, redirecting investment toward energy-advantaged markets. At the same time, nonbank lenders are increasingly stepping in to fill widening gaps in construction, refinancing and senior mortgage financing. With new supply slowing in sectors such as multifamily and industrial, improving fundamentals could emerge as liquidity returns, while mixed-use and placemaking strategies are gaining traction as tenants become more selectiv
