U.S. commercial real estate is regaining its footing after several years of valuation resets and subdued transaction activity. Pricing has stabilized, liquidity is returning and deal activity is beginning to broaden — early signs of a new cycle.
According to Future Standard’s recently released 2026 Private Markets Outlook, however, this cycle is unlikely to mirror the post-global financial crisis recovery. The absence of widespread distress and still-tight risk premia means there are few true bargains, and performance will need to be earned rather than driven by valuation expansion.
In this interview, Andrew Korz, senior vice president of investment research at Future Standard, discusses how the current market environment differs from prior cycles and what it means for real estate and private markets more broadly. He examines the implications of higher
