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March 2026

2025 State of the Commercial
Real Estate Market

The commercial real estate sector is in a state of meaningful transition, and leaders across the industry are watching closely for signals about what comes next. The 2025 Real Estate Market Study, developed by Anchin and The Real Deal, offers an inside look at how owners, investors, developers, and advisors are interpreting this moment of change and preparing for the years ahead.

Access the Study

Inside the Report

The findings reveal a notable shift in sentiment: optimism is rising, outpacing pessimism by two to one. More than half of respondents expect the next 12 to 24 months to trend in a positive direction, with firms operating across multiple regions showing the strongest confidence. Their perspectives shed light on how geographic breadth, market exposure, and strategic positioning are shaping expectations across the sector.

From emerging challenges to areas of renewed momentum, the study highlights the trends and insights now influencing decisions, strategies, and opportunities within commercial real estate.

2025 State of the Commercial Real Estate Market

Download the full report to see what’s driving these shifts and how the industry is preparing for what’s next.

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