Marcus & Millichap ’s latest Investor Insights reveals a shift in sentiment — commercial real estate investors are turning bullish again. The data points to a potential new cycle driven by pricing resets and a stabilizing rate environment.

CRE Investors are Increasingly Bullish, Hinting at Start of New Cycle

A quartet of factors provide optimism for the future. Commercial real estate investors have an increasingly positive outlook for the industry, with many citing four trends as evidence that a new business cycle has begun.

Commercial real estate investors responding to pricing adjustments. Commercial asset pricing has reset over the past few years, drawing interest.

Cap rates on transactions closed so far in 2025 have in- creased by about 80 basis points to 130 basis points on

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