Tuesday, March 24, 2026
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Why Commercial Debt, Equity Arrangers Are Excited for 2026

by Taylor Williams

By Taylor Williams Olympic rings, Great Lakes, stages of grief, military branches and factors that point to a more robust landscape in the world of commercial debt and equity placement in 2026 — they all come in fives.  Unlike the other items in that set, however, there is room for debate as to what those five capital markets factors actually are. But according to sources, they are, in no particular order of importance: • Rising investment sales volume, which allows for better pricing and risk assessment in the equity markets •  No shortage of deals in need of recapitalization • Strong liquidity and competitive spreads in the debt markets •  Short-term stability in the 10-year Treasury yield •  Resilient acclimation to a new geopolitical environment Combined, these market forces form the basis of a larger perspective that is defined by optimism — and that optimism is rooted in both qualitative observations and quantitative analysis. And so far, the expectations of at least one major industry research and advocacy organization appear to be in line with the observations of individuals interviewed for this story.  In early February, the Mortgage Bankers Association (MBA) released its 2026 Commercial Real Estate Finance Forecast report, …

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FeaturesHeartland Feature Archive

General Contractors: Early Collaboration Is Key in Today’s Market 

by Kristin Harlow

Builders have “dampened” expectations for construction activity in 2026, apart from data centers and power projects, according to the Associated General Contractors of America (AGC). Citing broader worries about the direction of the economy, the findings were part of the AGC/Sage Construction Hiring and Business Outlook Survey, which was released in early January.   Kurt Steinmann, vice president and residential business unit leader at Swansea, Illinois-based Holland Construction Services, says “the market is clearly more disciplined than it was a few years ago, but that’s not a bad thing. “We’ve moved out of a speculative cycle and into one where projects need to be fundamentally sound to move forward,” he explains. “For general contractors, that means fewer starts overall, but stronger alignment on the projects that do proceed.”   In other words, developments are better planned, more realistic on budgets and supported by experienced ownership groups.  “Owners are moving forward with intention, prioritizing projects that are well-defined and aligned with long-term operational needs,” echoes Caitlin Russell, president of Davenport, Iowa-based Russell. “While interest rates and financing conditions continue to influence timing, demand for experienced general contractors who can provide cost clarity and early collaboration remains strong. Our outlook for the …

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InterFace Panel: Early Planning, Collaboration Are Crucial to Affordable Housing Development

by Taylor Williams

By Taylor Williams DALLAS — Costs are always a sensitive subject in all types of residential and commercial development. But with projects that draw heavily on alternative and public-sector sources of financing to pencil out — namely affordable housing — the margin for error on cost overruns is even tighter. That’s a very unfortunate reality for developers working to mitigate America’s profound shortage of both affordable housing and housing that’s affordable. But with measured, deliberate upfront planning and collaboration between architects, engineers and general contractors, some of that risk can be mitigated. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. To keep these critical developments on time and on budget, these project partners have had to not only adjust some of their traditional forms of value engineering (VE) — the term given to the collective effort of cost minimization and utility maximization over the course of a project — but also embrace completely ones. The framework for trying new types of VE hinges on the notion that the whole of the project is greater than the sum of the individual …

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Webinar: Flood Zones & FEMA Compliance — How Developers Avoid Delays, Cut Insurance Costs & Increase Property Value

by Sarah Daniels

The March 2 France Media webinar “Flood Zones & FEMA Compliance — How Developers Avoid Delays, Cut Insurance Costs & Increase Property Value,” hosted by France Media and sponsored by National Flood Experts, examined how flood zones and evolving regulatory requirements are shaping development and financing outlooks. Flood risk is often treated as a late-stage compliance issue, but it can influence site design, permitting timelines, construction costs (and cost expectations) and long-term insurance expenses. Flood maps established by federal and local authorities define development constraints such as base flood elevations and floodways. Because these maps are updated slowly and regulations vary by municipality, developers frequently encounter unexpected complications during permitting, including the need for additional engineering studies, modeling requirements and extended approval timelines. The webinar panelists emphasized ways that developers can mitigate these risks by approaching flood zones strategically and incorporating flood analysis earlier in the development lifecycle. Early collaboration can identify opportunities to cut costs and avoid delays. Watch this brief webinar to learn about common problems caused by flood zones, changes in regulatory needs and practical pathways to help reduce or eliminate flood zone requirements (to increase the value of properties). Click here to download the slide presentation. …

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FeaturesRestaurantRetailWestern Feature Archive

Gen Z Is Shifting the Future of Retail

by John Nelson

In the digital age, nearly everything is accessible online — entertainment, shopping, friendship, you name it. With a few taps on a screen, we can order three pairs of jeans, have a pizza delivered and carry on a meaningful conversation without ever leaving the couch. Considering that Generation Z — those born roughly between 1996 and 2013 — has grown up immersed in this digital reality, it would be easy to assume they have little interest in traditional, in-person experiences. Surprisingly, the opposite is true. From pop-ups, influencers, to retail, Gen Z are securing their Labubus to their bags and heading out the door to shake up our understanding of successful contemporary retail experiences. After coming of age during COVID, living through what has been called an “epidemic of loneliness,” Gen Z is craving in person experiences more than ever, and where better to go with your friends than the mall? A reported 69 percent of Gen Z shoppers say they prefer shopping in brick-and-mortar stores over online alternatives. However, their renewed interest in physical spaces doesn’t mean a return to retail as we once knew it. Instead, Gen Z is fundamentally reshaping what in-person shopping and entertainment look like …

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FeaturesGeorgiaSoutheastSoutheast Feature Archive

Why Bankruptcy Is Still Catching Lenders Off Guard

by John Nelson

The commercial real estate industry has spent the past two years bracing for the next wave of loan losses as elevated interest rates collided with loan maturities. Instead of a wave of payoffs, many loans are still working through extensions and modifications while asset values are being deliberated. Lenders know how to model foreclosure risk. Bankruptcy risk? That’s where the real losses hide. A Class A asset with Class C governance is a Class C risk. Foreclosure risk can be modeled. Expected losses predicted. Timelines are known by state. Recovery assumptions can be debated. Cash flows stress tested and ultimately approved by a committee. Even when outcomes are unpleasant, they are at least visible, quantifiable and expected. Bankruptcy is different — and far more dangerous for lenders. The gap between foreclosure and bankruptcy is where some of the largest loan losses are being created, and painful lessons learned. Counterintuitively, bankruptcy risk runs higher in non-judicial states like Georgia, where 60-day foreclosures create incentive for borrowers to file. In longer-timeline states like New York, foreclosures can stretch 18 months, giving borrowers the luxury of time. Those foreclosure timelines are generally well known and accepted by both sides, which makes outcomes predictable. …

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FeaturesLouisianaSoutheastSoutheast Feature Archive

Federal Courts Diverge on Takings Clause Protections

by John Nelson

By Angela Adolph, Esq. of Kean Miller LLP Recent federal court decisions reveal diverging interpretations of how a landmark Supreme Court ruling on the Fifth Amendment’s takings clause affects state administration of unclaimed property. Taken together, the cases expose state governments to uncertainty and litigation risk over the constitutional limits of their authority. Property, Post-Tyler The current ambiguity reflects increased national scrutiny of state powers in the wake of the U.S. Supreme Court’s pivotal 2023 decision in Tyler vs. Hennepin County, Minnesota. In that case, the county had seized a residential condominium and sold it for $40,000 to satisfy $15,000 in unpaid property taxes. The former owner sought the $25,000 in residual sale proceeds. The Supreme Court found that a taxpayer’s compensable interest in property applies to both the property and equity in the form of excess proceeds generated from a forfeiture sale of that asset. The decision clarified that economic value is property subject to the takings clause, which prohibits taking private property for public use without just compensation. In Tyler, the Supreme Court emphasized that the takings clause protects more than physical possession; it also protects a citizen’s economic value in property. A state cannot deprive a citizen …

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FeaturesHealthcareRetail

Goodbye Retail, Hello Medical Malls: How Adaptive Reuse Can Accelerate Healthcare Development

by Taylor Williams

By Aran McCarthy, president, FCA Healthcare providers and designers of those facilities are dedicated to creating spaces that meet the ever-growing demand for their services. Despite this desire, cities and towns nationwide are struggling to meet the needs of their growing populations. According to the Health Resources and Services Administration, as of January, there are more than 4,800 health professional shortage areas (HPSAs) for primary care facilities in the country. This disconnect between the need for care and the number of facilities equipped to support delivery of said care is on full display, and therein lies opportunity. Markets across the country are simultaneously dealing with a very different challenge; changes in consumer habits have created vacancies within retail real estate. In response to these trends, healthcare designers and system leaders have recognized that the adaptive reuse of former retail properties into “medical malls” offers a practical solution to increasing access to care. This approach prioritizes speed to market and cost efficiency for operators and also enhances community access without the long and costly timelines associated with new construction. Physical Synergy: Repositioning Retail for for Healthcare The physical features associated with many big-box retail locations make them particularly well-suited for healthcare …

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FeaturesRetailWesternWestern Feature Archive

Retail Real Estate Industry Is ‘Adapting to Change,’ Says Valuation Firm IRR

by Abby Cox

DENVER — The U.S. retail real estate sector is continuing to move forward — but with caution. While the industry’s fundamentals remain relatively healthy, retailers and investors are evolving their strategies and adapting to shifting consumer behaviors, according to Integra Realty Resources (IRR), a commercial real estate valuation services firm based in Denver. IRR’s 2026 Retail Report explores the trends shaping the transformation of retail real estate, and where the sector is headed next. Consumer spending has shifted, largely because of macroeconomic machinations like inflation and slower job growth. Higher-income earners still have the ability to spend, but price-conscious consumers are increasingly trying to maximize value for their dollar at discount grocery and convenience stores. IRR notes that the retail sector posted 1.7 million square feet of positive net absorption nationally, which outpaced new construction more than twelvefold at 214,00 square feet. In the third quarter of 2025, the national vacancy rate slightly declined, coming in at 10.4 percent. Anthony Graziano, CEO of IRR, emphasizes that while leasing is healthy, store closures are masking the improvement. “E-commerce pressure, retailer bankruptcies and ongoing drugstore consolidation have released significant space back into the market, and until that churn settles, vacancy will look more …

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MBA: Commercial, Multifamily Mortgage Originations to Rise 27 Percent in 2026

by Hayden Spiess

WASHINGTON, D.C. — Total commercial mortgage origination volume is expected to reach $805.5 billion in 2026, according to the Mortgage Bankers Association (MBA). The real estate finance organization announced the commercial real estate finance (CREF) forecast at its 2026 Commercial/Multifamily Finance Convention and Expo this week in San Diego.  According to the CREF report, originations in 2026 are expected to reflect a 27 percent increase relative to 2025, which saw an estimated volume of $633.7 billion in commercial real estate and multifamily loans. This total would also be the most loan production in the industry since 2022 ($815.6 billion). Of the total, $399.2 billion in volume is predicted for the multifamily sector, which represents a 20.8 increase from 2025’s estimated total ($330.6 billion).  Mike Frantantoni, MBA’s chief economist and senior vice president for research and business development, presented the findings, along with Reggie Booker and Judith Ricks, who are both associate vice presidents of CREF Research.  “The [commercial real estate] lending market showed strength throughout 2025,” says Ricks. “Commercial originations increased year-over-year during the first six months, and this growth continued in the second half of the year. The multifamily market experienced similar strength throughout the year, and that is …

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