We’re always talking about residential real estate. But what about that “other” market, the one worth $24 trillion? It’s no secret that commercial real estate has had one of its toughest stretches in many years, with many calling it an outright “crash.” If we’ve already reached the bottom, could large multifamily and other assets be poised for a huge turnaround in 2026?

Over the last couple of years, we’ve seen multifamily, office, retail, and even self storage prices tumble due to several factors: rising mortgage rates, rate adjustments on commercial debt, higher cap rates, tighter lending criteria, and more supply coming online. This “perfect storm” has put significant downward pressure on commercial property values, causing forced selling and scaring many investors away.

But these same challenges could create opportunity, especially if prices stabilize over the next 12 months. We break down the variables at play, the most compelling bull and bear cases for these assets, and how investors can protect themselves with “scared” real estate analysis.