Q3 2025 State of the Market – U.S. Multifamily Outlook

The commercial real estate recovery is firming despite macroeconomic and geopolitical headwinds. The worst of policy uncertainty seems to be behind us, but delayed effects, due largely to trade and immigration, are concerning. Borrowers and lenders are adjusting to higher-for-longer and transacting amid building pressure to deploy capital. Private and public real estate price trends suggest the market is well past bottom. Demand is on pace to overtake a depleted supply pipeline, while catalysts for continued improvement, such as the recent tax bill, could surprise investors positively. If 2025 has been about surviving, 2026 could be about thriving.