The Best Ever CRE Show JF 4161: Why Liquidity Is Rising as Economic Uncertainty Grows with John Chang
Jan 25, 2026
A wide-ranging look at 2026 commercial real estate trends, from rising cap rates and falling borrowing costs to why liquidity is creeping back in. Discussion on Sunbelt overbuilding and pressure on Class B/C multifamily. Observations about institutional capital returns, gold’s signal for investor sentiment, and sector-specific risks and opportunities across multifamily, retail, office, industrial, and self-storage.
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Gold Rally Reflects Policy Uncertainty
- Gold's surge signals investor concern about U.S. economic and policy uncertainty.
- Money may shift to hard assets like real estate when bond and stock markets feel fragile.
Cap Rates Up While Lending Costs Fall
- Cap rates have risen 70–100 basis points since 2021, creating some of the highest yields in a decade.
- Lending rates have fallen, enabling positive leverage and improving real estate returns.
Institutional Capital Is Returning
- Institutional capital raising for real estate is trending up despite revisions.
- Debt funds and increased competition are lowering financing spreads and boosting liquidity.