Optimism Prevails: Lee & Associates CEO Identifies 2026 CRE Opportunities

This year, commercial real estate continued dancing to the familiar tune of economic uncertainty.

Price hikes on construction materials due to tariffs, refinancing the approximately $957B in commercial loans reaching maturity, and a government shutdown all impacted dealmaking.

With challenges, however, come opportunities, such as investing in distressed assets, converting underperforming assets or exploring niche sectors like data centers, said Jeff Rinkov, CEO of CRE brokerage Lee & Associates.

“Nothing in our industry happens tremendously fast, and trends seem to take a while to take shape, so we’re going to need to be disciplined about filling gaps with opportunity capital,” he said.

Rinkov shared his insight into what investors need to know heading into 2026 and how Lee & Associates has continued on its growth trajectory amid industry challenges.

Bisnow: How has CRE responded to some of the challenges in 2025?

Rinkov: This year has been a test of resilience for the entire industry. There’s no shortage of challenges, and most of them are founded in economic uncertainty, especially related to trade policy, monetary policy and the recent government shutdown. This uncertainty is difficult for an industry that requires significant capital as well as long-term decision-making. 

At the end of 2024, there was a sense of optimism about entering a new year with a new administration that was likely going to be more business-friendly and provide more economic opportunity. Those things have been delayed, possibly until later in Q4 or Q1 2026.

In many asset classes and product types, there’s been a greater focus on flight to quality, gaining quality tenants, efficient asset management and predictable cash flow. These are the areas that Lee & Associates has found the most success in, and as much uncertainty as there is, we are doing deals. 

Bisnow: What asset classes should investors have on their radar?

Rinkov: We continue to see strong demand for logistics assets. Onshoring and reshoring are energizing some of our industrial base with a resurgence in domestic advanced manufacturing and technology that was not previously present in the distribution-focused demand. 

Multifamily has also stabilized, with workforce housing having the least disruption and the greatest demand. Multifamily has shown strong resilience in the second half of the year, with the exception of a few markets where there’s been overbuilding.

There has also been a shift to alternative asset types, such as data centers. Earlier this year, people thought the sector was possibly overhyped, but now there is exponential growth and dedication of capital being deployed by chip manufacturers that know they are going to need more computing power, which will ultimately take up more real estate. 

In the same vein, some healthcare real estate subsectors have seen tremendous growth as a result of an overburdened medical system: medical office buildings, senior housing, imaging facilities, medical spas and urgent cares. Alternative healthcare assets help to relieve some of the pressure on the system.

Bisnow: How has Lee & Associates put growth at the forefront during this time?

Rinkov: We've continued to add offices in Las Vegas, New Orleans and Wilmington, North Carolina — strategic markets for our clients and for us. We are experiencing great growth among our maturing offices, as the company has doubled in size over the last eight to 10 years. We’ve added brokers in the office, retail, multifamily and industrial sectors and have been a solid landing place for entrepreneurial brokers throughout North America. 

We have adapted and evolved from a very focused transactional group to a group that is focused on advisory and consultative services in addition to providing best-in-class transactional services. Some of that expertise and expansion is evident in our research and our quarterly market reports. We're going to be assisting our clients with even more data to make great decisions and to exceed their objectives.

Bisnow: What do you predict is in store for the industry come 2026?

Rinkov: I’m optimistic for 2026, and I think that view is founded in the many conversations I have with professionals throughout the country who work on many different product types. With cap rates, monetary policy and trade policy starting to moderate and stabilize, it’s going to increase opportunities for capital deployment. 

In the office market particularly, traditional offices that are well located and well appointed, and that offer amenities and access to public transportation, are starting to gain traction, especially in central business districts in places like San Francisco and New York. That’s a result of what's happened over the last year, when CEOs have called their workforce back to the office, and the industry is finding the need to take even more office space. This is something to be on the lookout for.

The industry is adopting technology that will make a difference in accessing investment opportunities. We have a focused AI strategy that is beginning to yield efficiency and effectiveness, both internally and for our clients.

This article was produced in collaboration between Lee & Associates and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.