Explore our 2025 Western U.S. Market Forecast for expert analysis on the commercial real estate landscape across the West. This report highlights key opportunities and challenges for the remainder of 2025 and beyond, offering in-depth insights across office, industrial, retail, and multifamily markets.
View full forecast reports by property type at the links below.
The office market is experiencing gradual recovery, with leasing activity expected to rise by year-end and suburban markets outpacing urban areas. Vacancy stabilization and modest rent growth are anticipated as fundamentals strengthen heading into 2026.
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The industrial market is expected to hit peak vacancy in 2025 before trending toward historical norms. Slowing deliveries, steady leasing, and resilient demand from e-commerce and 3PL’s position the sector for stabilized fundamentals and sustained performance in the years ahead.
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Retail fundamentals remain stable, with low vacancy and steady rents despite softer leasing. Suburban markets lead, localized momentum is building, and activity is expected to accelerate into 2026 as vacancy eases and rent growth stabilizes near historical norms.
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Multifamily is showing solid momentum with sustained renter demand, rebounding investment activity, and steady but slowing rent growth, positioning the sector for balanced expansion heading into 2026.
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