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Real estate developer looks at city from above | commercial real estate market report

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REcap: Baker Tilly's award-winning commercial real estate market report

May 7, 2026

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real estate
real estate market report

Our award-winning quarterly commercial real estate market report, REcap, is designed to help real estate owners, developers, investors, and professionals understand market performance and current trends — providing valuable insights to support future planning.

Multifamily housing asset

New | First quarter 2026

REcap

The stability that we highlighted last quarter gave way to volatility in the first quarter of 2026 as the Iran conflict roiled global equity markets and delivered a shock to energy markets. The long-term implications of the conflict on energy prices remain to be seen, but concerns around inflation and what that potentially means for borrowing rates have been exacerbated. 

Download today

Each report is designed to provide readers with a recap of the quarter as it relates to notable transaction activity, data and analytics in key real estate sectors across the United States, including but not limited to multifamily housing, office, retail, industrial and capital markets.

Related sections

  • Affordable Housing
  • Baker Tilly's DevelUP™
  • Construction
  • Construction Risk Management
  • Delaware Statutory Trust
  • Development Advisory
  • EB-5 Immigrant Investor Program
  • Financial Institutions
  • Historic Tax Credits
  • Incentives Advisory
  • Manufacturing
  • New Markets Tax Credits
  • Opportunity Zones

Article Tags

real estatereal estate market report
“

There are a number of indicators that impact how owners, developers and investors assess what's happening in the real estate market. Our report compiles multiple data points to help readers stay up to date on what's currently going on.

Todd Carpenter, Managing Principal of Development and Community Advisory
Industrial property | Q4

REcap | Fourth quarter 2025

Stability was the underlying theme of the final quarter of 2025 as the general U.S. economy and the commercial real estate sector avoided any major shocks and demonstrated solid growth in most areas. Increased transaction activity and ample fund raising would imply that confidence in commercial real estate continues to grow despite recent challenges, and we anticipate a robust year for transaction activity.

Download this report
Retail with stores

REcap | Third quarter 2025

Equity and real estate markets are showing strength despite economic uncertainty and elevated inflation. Commercial real estate activity is rising, driven by rate cuts and limited new development. While momentum is building, inflation and potential shocks could impact the outlook for late 2025.

Download this report
“

"This report outlines transactional activity including all real estate classes and gives our readers the information they need to go out and do what they do best: invest in real estate."

Mike Kamienski, National Real Estate Practice Leader

View past issues of the market report

Multifamily housing asset
Commercial Real Estate Market Report: Q1 2026

Stability marked late 2025 as the U.S. economy and commercial real estate grew, with high transactions and fundraising signaling growing confidence.

Office property
Commercial Real Estate Market Report: Q2 2025

Markets reflect delayed decisions and a search for certainty, while the OBBBA adds clarity; trade policies and geopolitical risks still impact CRE.

Multifamily housing asset
Commercial Real Estate Market Report: Q1 2025

Commercial real estate transactions and fundraising markets gained momentum in Q1 as cap rates and valuations stabilized or began to recover. 

​commercial real estate market report
Commercial Real Estate Market Report: Q4 2024

With election uncertainty and economic data trends, 2025 looks great year for real estate, though tariffs and policy shifts could still affect the market.

Retail with stores
Commercial Real Estate Market Report: Q3 2024

On the heels of the recent Fed rate cut, the major stock market indices have trended upwards and the latest job numbers were surprisingly strong with the unemployment rate reversing recent trends and decreasing. The U.S. economy has continued to remain extremely resilient but headwinds and threats in commercial real estate remain present.

Office property
Commercial Real Estate Market Report: Q2 2024

With key economic indicators appearing to be favorable, commercial real estate transaction activity remains stagnant. This may be driven by a reluctance to strike deals when it appears more probable than in recent memory that the interest rate environment will be improving sooner rather than later.

Multifamily housing asset
Commercial Real Estate Market Report: Q1 2024

Several large transactions were announced in the first quarter of the year, with more prognosticators optimistic for more transaction volume in 2024 both at the property level and fueled by entity deals.

Orange County, California skyline
Commercial Real Estate Market Report: Q4 2023

Transaction activity remained extremely depressed in the fourth quarter of 2023, while most sectors saw some fundamental deterioration and valuations decreased broadly.

Picture of Seattle skyline at sunset
Commercial Real Estate Market Report: Q3 2023

The real estate markets remained stagnant in the third quarter with low transaction volumes amid continuing debt concerns and operational pressures. Significant cost pressures were impacting most sectors with insurance and property taxes being primary culprits.

Dallas, Texas skyline
Commercial Real Estate Market Report: Q2 2023

Much of what could be said in the first quarter of 2023 still applies in the second quarter, with languid transaction activity and uncertainty being the primary hallmarks. Commercial real estate was generally sideways this quarter as activity remained depressed and confidence in fundamentals seemingly down.

View of Atlanta skyline
Commercial Real Estate Market Report: Q1 2023

The first quarter of 2023 saw some commercial real estate trends stick around from the end of last year, with transaction activity slowing further and inflation showing signs of easing.

Aerial Dramatic View of Downtown Chicago at Sunset
Commercial Real Estate Market Report: Q4 2022

2022 closed on a sour note for the commercial real estate industry, with some mildly encouraging macroeconomic news being more than offset by a lackluster transaction environment and a negative short-term outlook that was fueled by a challenging capital markets environment.

downtown columbus ohio next to river
Commercial Real Estate Market Report: Q3 2022

Commercial real estate transaction activity delivered on the promise of decreased activity that we observed last quarter with transactions decreasing significantly across asset classes.

freedom tower nyc skyline
Commercial Real Estate Market Report: Q2 2022

The Q2 2022 Commercial Real Estate Market Report provides analysis, insight and outlook into the multifamily housing, office, retail, industrial and capital market sectors.

futuristic skyscraper NYC
Commercial Real Estate Market Report: Q1 2022

The Q1 2022 Commercial Real Estate Market Report provides analysis, insight and outlook into the multifamily housing, office, retail, industrial and capital market industries.

Commercial real estate properties in city
Commercial Real Estate Market Report: Q4 2021

Read the fourth quarter of 2021’s real estate market trends, transactions, analysis and outlook as you prepare for the year ahead.

Exterior of an apartment complex
Commercial Real Estate Market Report: Q3 2021

The third quarter of 2021 was prosperous for commercial real estate, finally surpassing 2019 activity levels with a notable increase in multifamily housing deals.

Street view of an apartment complex in spring
Commercial Real Estate Market Report: Q2 2021

Access the second quarter of 2021’s real estate market trends, transactions, analysis and outlook as you prepare for third quarter.

Real estate developers plan development project
Commercial Real Estate Market Report: Q1 2021

Understand Q1 2021 real estate market trends, transactions, analysis and outlook to prepare yourself for your next investment.

Colorful buildings in the city
Commercial Real Estate Market Report: Q4 2020

The final quarter real estate market report of 2020 including a deep dive into the multifamily housing, office, retail, industrial, and capital market sectors.

City buildings reflecting sky
Commercial Real Estate Market Report: Q3 2020

A Q3 2020 commercial real estate market report for the multifamily housing, office, retail, industrial, senior housing and capital markets sectors.

Commercial real estate properties in city
Commercial Real Estate Market Report: Q2 2020

A Commercial Real Estate Market Report for Q2 2020, providing analysis and trends in multifamily housing, office, retail, industrial, hospitality and capital markets sectors.

BuzzHouse episodes

Multimedia

Office property
BuzzHouse: Multifamily housing Q2 2024 market update

Multimedia

Multifamily housing asset
BuzzHouse: Multifamily housing Q1 2024 market update

Multimedia

Orange County, California skyline
BuzzHouse: Multifamily housing Q4 2023 market update

Multimedia

Seattle skyline at sunset
BuzzHouse: Multifamily housing Q3 2023 market update

Multimedia

Dallas skyline at night
BuzzHouse: Multifamily housing Q2 2023 market update

Multimedia

crane and buildings with clouds
BuzzHouse: Multifamily housing Q1 2023 market update

Multimedia

Businessmen close deal with handshake
BuzzHouse: Multifamily housing Q4 2022 market update

Multimedia

line chart with finance data
BuzzHouse: Multifamily housing Q3 2022 market update

Multimedia

building and sky
BuzzHouse: Multifamily housing Q2 2022 market update

Multimedia

Real estate developer looks at city from above
BuzzHouse: Multifamily housing Q1 2022 market update

Multimedia

Data statistics money coins
BuzzHouse: Multifamily housing Q4 2021 market update

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State of the commercial real estate market 2024

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State of the commercial real estate market 2023
Baker Tilly honored with award

Award-winning report

The Content Marketing Institute (CMI) recently honored Baker Tilly with a 2025 Content Marketing Award in the “Best Use of White Paper (One or a Series)” category for our REcap report. The Content Marketing Awards, presented annually by CMI, are the largest and longest-running international program recognizing excellence in content creation, distribution and innovation.

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REcap contributors

  • Brent Maier
  • Kevin Secrist
  • Allen Freeman
  • Brad Hambrick
  • Brad Wood
  • Christopher Thenemann
  • Nich Palkovic
  • Vladimir Lyashchenko
  • Mike Nitowski
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