Explore our 2026 Western U.S. Market Forecast for expert analysis on the economic signals, structural shifts, and sector-specific trends shaping commercial real estate. Drawing on market data and local expertise, the forecast provides forward-looking insights across office, industrial, retail, and multifamily highlighting where conditions are stabilizing, where risks remain, and where opportunity is beginning to emerge.
View full forecast reports by property type at the links below.
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The office market is showing signs of gradual but uneven recovery, with leasing activity strengthening in select markets. Vacancy and sublease availability are beginning to trend downward, while limited new construction supports improving fundamentals as the sector moves toward greater balance in 2026.
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The industrial market is moving from a period of cooling toward greater balance. Steady leasing activity, stabilizing demand from logistics, e-commerce, and data center users, and a shrinking development pipeline position the sector for tightening fundamentals and sustained performance heading into 2026.
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Retail fundamentals remain solid heading into 2026, supported by limited new supply, low vacancy, and continued demand from essential and value-oriented retailers. Suburban centers are outperforming urban cores, foot traffic is steadily recovering, and stable occupancy is expected to support measured rent growth across most retail formats.
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Multifamily enters 2026 on a path toward greater stability as vacancy stabilizes, new supply declines, and affordability challenges continue to support renter demand. Improving capital markets activity and strong renewal rates are expected to help sustain occupancy and drive steady, measured rent growth as fundamentals rebalance.
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