FIRST DRAFT LIVE: Is The CRE Recovery Over? MSCI

2026 started out strong. Capital was coming back, transaction volume was improving, and the market seemed to be finding a floor. But now, the bond market is moving, 30-year yields have reached levels not seen since before the Global Financial Crisis, and billions of dollars in CRE loans are headed toward maturity. Sales fell 33% year-over-year in April as the Iran conflict worked through the economy.

Today, the industry is saying there’s “more to fix in ‘26.” 

Does this mean real estate is no longer in recovery, or is there still hope on the horizon? To answer this question, Bisnow Editor-in-Chief Mark F. Bonner spoke with Jim Costello, chief economist of real estate research at MSCI.

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RSK: Is the CRE recovery over? Hardly in my mind. "More to fix in 26"