J.P. Morgan Asset Management has identified six investment themes it expects to shape the U.S. commercial real estate market through the remainder of 2026 and into 2027 and 2028, according to its 2026 Mid-Year Outlook: U.S. Commercial Real Estate.
The firm believes the entry point for commercial real estate remains compelling as fundamentals improve, property values remain nearly 25 percent below their prior peak and credit conditions ease. J.P. Morgan noted higher interest rates do not necessarily translate into weaker commercial real estate performance.
Office demand is also showing early signs of recovery, although performance remains concentrated in newer and trophy assets. At the same time, artificial intelligence (AI)-driven economic growth is supporting leasing across industries, while reshoring and manufacturing investment are creating demand for industrial properties, particularly high-powered manufacturing
