2026 Midyear Econ Outlook: From Stabilization to Acceleration
2025 marked a turning point in the CRE recovery. Prices largely stabilized across most asset classes, and transaction volume began to rebound. While price declines may not be completely behind us, the bulk of interest rate-driven price discovery likely is, and any remaining declines early in this cycle will be driven more by the resolution of distress than by the aftereffects of the interest rate shock.
If 2025 was a year of stabilization, 2026 has been one of acceleration, where the new cycle has taken hold and momentum has returned to the industry.
This cycle, though, will look different from the last two, both of which benefited from a powerful tailwind of falling interest rates and cap rates that lifted values and made strong returns easier to generate.
Today, even after the post-pandemic reset, both remain low by long-run standards, making valuation-driven gains a less reliable playbook. As a result, returns in this cycle will depend more on income and execution - cost control, operational efficiency, and the fundamentals of running real estate well - than on long-term valuation tailwinds.
Disclaimer: We are unable to offer this webinar to attendees in CA or IA. No CLE credit is available for this session.
Xander Snyder
Xander Snyder is a senior commercial real estate economist at First American Financial Corporation, providing analysis and forecasts on industry trends. His research covers economic factors affecting commercial real estate, such as demographics, leasing, sales, fundraising, investment, and lending. Known for connecting real estate markets with the broader economy, he is a trusted name in major publications like Yahoo! Finance, CNN, Fox Business, and others. Snyder won HousingWire's 2024 Rising Stars award for industry leadership under 40, appears in a monthly video series, and joins The REconomy Podcast™ with other economists. Previously, he developed data models for real estate investments, managed real estate portfolios, co-founded a Proptech startup, and advised on supply chain risks. He has worked on over $1 billion in corporate transactions. Snyder holds a master's in data science from UC Berkeley and a double degree in economics and music from Cornell, where he graduated Summa Cum Laude. Snyder, a native Angeleno, lives and works in Los Angeles.
Odeta Kushi
Chief Economist, First American
Odeta Kushi is Deputy Chief Economist for First American Financial Corporation, where she delivers analysis, commentary, and forecasts on real estate and mortgage market trends. Her research focuses on demographics, millennial homeownership, and housing market data, and she regularly analyzes economic surveys tied to the housing industry. Odeta is a frequent commentator for national media outlets including CNBC, Yahoo! Finance, and Reuters TV, and her work has appeared in leading business and trade publications. She holds a master’s degree in applied economics from Northeastern University and a bachelor’s degree in economics from St. John Fisher College.
Explore these previous CRE Econ sessions to stay in-the-know about commercial real estate relevant economic trends and identify opportunities for growth. No CLE available. Due to compliance restrictions, we are unable to offer this recording to anyone in IA. The states of IL, NV, NY, and WA do not provide CLE credit from watching a recorded webinar. For CLE status on watching a recording, please contact your local First American Title representative.
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