Abundant capital and shifting market dynamics are setting the stage for a rebound in commercial real estate M&A activity in 2026, but only for firms ready to move decisively after a steep drop in dealmaking last year.
Following a historic 57% decline in deal value in 2025, Deloitte's 2026 Commercial Real Estate M&A Outlook points to renewed opportunity driven less by interest rate movements and more by clarity around unlocking pent-up transaction volume. The report suggests that while macroeconomic uncertainty lingers, dealmakers who can act quickly may find an opening as capital remains available and buyer leverage strengthens.
That opportunity extends beyond traditional property-level transactions. Deloitte expects 2026 to bring increased consolidation among investment managers and service providers, particularly as firms seek scale and resilience after several challenging fundraising cycles. Combining operations could help firms diversify capital sources and improve margins, while larger platforms may look to acquire specialized operators to deepen expertise in targeted sectors.
"There has been interest in property managers for both single-family residential, multifamily, and homeowners' associations," Nathan Florio, principal, at Deloitte & Touche LLP, tells GlobeSt.com.
"Property accounting with property management could also be seen as attractive."
Service providers are also expected to remain active as demand for integrated, technology-enabled solutions grows. As owners prioritize efficiency and performance across portfolios, scale and breadth of capabilities are becoming more valuable differentiators.
Jonathan Keith, managing director of Deloitte & Touch LLP, tells GlobeSt.com that while it would not be appropriate to comment on specific firms, two areas stand out: predictive maintenance across real estate holdings and data centers and power-led site selection and liquid-cooling readiness as energy considerations take on greater importance.
At the same time, data is emerging as a central driver of value creation across the industry.
"Data is increasingly valuable, so solutions that integrate more/different data sources, or make it easier to access or glean insights, are particularly valuable," James Baker, principal at Deloitte Consulting LLP, tells GlobeSt.com.
"Scale matters, so major platform plays enjoy their momentum, but specialized, focused solutions are emerging quickly that may replace legacy tech point solutions, while the major platforms try to extend their capabilities."
Recent transactions underscore this shift toward platform expansion and operational integration. CBRE's acquisition of Pearce and its full purchase of flexible workspace operator Industrious, which closed in January 2025, signals continued interest in building out service capabilities. In this environment, consolidation may be driven as much by platform durability and service integration as by asset growth alone.
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