Knowledge Leader

Pricing trends and transaction activity continue to shape how the market evolves. At Colliers, we analyze these signals to interpret shifts across U.S. commercial real estate. Here’s what the latest MSCI data reveals. August deal volume hinged on entity-level transactions. These sales totaled $70 billion, setting a record pace for M&A activity. Year-to-date trends show more resilience than August alone.

Colliers’ 2026 National Industrial Conference brought more than 1,000 industrial real estate professionals, clients, and industry leaders together in Nashville to explore the forces shaping the next phase of the industrial market. Ahead of the main conference, the Logistics & Transportation (L&T) Group pre-conference and Colliers Emerging Industrial Leaders workshop created additional opportunities for strategic conversations, professional development, and knowledge sharing.

Net lease acquisition volume increased approximately 60% year over year in the second quarter and nearly 90% versus Q2 2024. Same-property NOI growth expectations increased to roughly 0.8% annually as projected credit losses declined. Public net lease REITs continue to trade at an average 12% premium to gross asset value, supporting external growth. Average investment spreads compressed to roughly 40 basis points in Q2 2026.

Overall delinquency edged down to 7.85% but remains above both year-ago (7.29%) and six-month (7.14%) levels. Office remains the most distressed property type, with delinquency rising to 12% as several large assets failed to refinance at maturity. Hospitality (+49 bps) and retail (+24 bps) posted the largest monthly increases, reaching 5.84% and 7.2%, respectively. Maturity defaults continue to dominate, with non-performing matured balloon loans accounting for 81% of newly delinquent balances.

The cold storage market is at an interesting turning point. After the pandemic-era surge in demand, the market has gone through a significant reset. Investors are becoming more selective, and some markets still have excess supply. The outlook from Wall Street is cautiously optimistic: the market may have reached the bottom, but recovery is likely to be gradual.

College students and their families are expected to spend a record $103.5 billion on back-to-college purchases in 2026, the first time the survey has put college spending above $100 billion. Dorm and apartment furnishings account for $14 billion of that total, second only to electronics. At the household level, the spending is equally telling: a 2025 Dorm Life survey found that 81% of families ultimately spent more than $500 by the time move-in was complete.

As the Downtown Manhattan — also known as Lower Manhattan — neighborhood comes into focus ahead of the 25th anniversary of September 11, the current state of the Lower Manhattan office market offers a window into the area’s continued evolution and resilience over the past quarter century. With nearly 100.0M SF of office inventory, the area is New York City’s oldest office market and has undergone a tremendous transformation over the years.

Self-storage fundamentals are stabilizing, as occupancy remains high and rent growth gradually improves. Limited new development continues to support the sector’s medium-term stabilization and growth outlook. Green Street now expects sector net operating income (NOI) to stabilize in 2026 and return to growth in 2027. Valuations have improved alongside fundamentals, limiting relative upside for investors.

As the adage goes, can you only get just two? For decades, Design-Bid-Build has been the standard approach to healthcare construction. But today’s healthcare environment looks very different from what it did even a decade ago. Health systems are balancing tighter capital budgets, swelling regulatory requirements, rapidly evolving technology, and more pressure to deliver projects faster without compromising care.

Industrial occupiers continued to build momentum in the first half of 2026, supported by an uptick in new leasing, strong build-to-suit development, and user purchases. New bulk industrial occupancies of 100,000 SF increased to 221M SF through June, 25% higher than 177M SF during the same period last year. Demand, as measured by net absorption, was even more impressive at 108M SF, 82% higher than 60M SF in the first half of 2025.