While uncertainty was a major theme through 2025, emerging trends are bringing more clarity throughout the real estate industry.

“Heading into 2026, a number of factors are likely to have major influences on the industry,” head of PNC Real Estate Dan Mullinger said. “As rates are starting to come down, affordability is easing in the housing market, retail and industrial are on solid footing and office leasing is seeing a rebound. It gives me some optimism as I look into the year ahead.”

Office Expectations

In a recent survey by Bloomberg, 83% of chief financial officers (CFOs) expect their office square footage to increase in the next 12 months, with 15% anticipating no change and virtually no reports of reductions. With headcount growth, return-to-office momentum and geographic expansion as major drivers of this trend, there is positive trajectory in this area after a drop during the pandemic.

 “We are still only at the beginning of a long rebound for the future of office space,” Mullinger said. 

mercado de la vivienda

Affordability is improving in the housing market with rates coming down on mortgages and rents softening. Despite a softer rental market, there’s a renewed interest in development as investors look to get ahead of the next round of new deliveries.  An increased push for affordable housing using low-income housing tax credits (LIHTC) and new markets tax credits (NMTC) will help to drive growth in the housing market. The One Big Beautiful Bill made the expiring NMTC program permanent with $5 billion in annual allocation authority in addition to a permanent 12% increase in LIHTC allocations.

Fannie Mae and Freddie Mac Privatization

As the  current administration weighs the possibility of taking mortgage giants Fannie Mae and Freddie Mac public, the initial public offering could make waves in the industry as the largest-ever initial public offering (IPO). With a combined $7 trillion in assets, how the possible privatization of both entities unfolds will be a major factor in the coming year.

Data Centers

The rapid growth of artificial intelligence (AI) has created a frenzied boom in the development of large data centers to accommodate the increase in processing power needed to fuel these technologies. As the applications continue to grow, so too will the need for space to address the needs.  It seems the only constant is the ability of the market to meet the massive electrical demand needed for the data centers.  

Headwinds

There are some headwinds and challenges that also will factor into the industry’s growth potential. Delinquencies are somewhat elevated for the market, which could put pressure on valuations going forward. Additionally, equities are still cautious about investing in real estate. While rates coming down will help, the economy needs sustained growth for the real estate sector to stay strong.   

“As our clients’ trusted financial advisor, we certainly have a broad view of the marketplace and can help navigate the opportunities and challenges on the horizon,” Mullinger said. “As industry players start to move in the market, it will be critical to have someone alongside them to provide sound advice and well thought out capital sources for projects.”

Construyamos su brillante visión

PNC puede trabajar con usted para desarrollar estrategias y ayudarle a gestionar temas relacionados con la volatilidad del mercado y los bienes raíces comerciales. Para más información, póngase en contacto con su gerente de relaciones de PNC o con nosotros.