Commercial Real Estate is in a More Active Position Than Many Headlines Suggest.

March 24, 2026

CBRE expects U.S. commercial real estate investment activity to rise 16% in 2026 to $562 billion. Its investor survey found that 74% of respondents plan to buy more this year than they did in 2025. Office leasing is also expected to move above 2019 levels. Those numbers point to a market where capital is still interested and buyers are still engaging, especially around quality assets with solid fundamentals.

The broader financial backdrop adds to that picture. Wall Street firms are cutting staff and tightening expectations. That environment puts more focus on underwriting, structure, and execution. In commercial real estate, that tends to benefit stronger deals and more disciplined sponsors.

There’s also a major volume of debt coming due. The Mortgage Bankers Association says $875 billion of commercial mortgages are scheduled to mature in 2026. That creates activity around refinancing, recapitalization, and liquidity decisions across the market. Some groups will refinance. Some will bring in fresh capital. Some LPs will decide to sell rather than stay in for a longer hold.

That’s exactly where secondaries become increasingly relevant.

A secondary sale can give an existing investor liquidity without disrupting the asset. It can give a new buyer access to a seasoned position with more history behind it. It can also help sponsors keep capital moving around opportunities that still deserve attention. In a market where basis and timing carry weight, secondaries add flexibility in a way that fits commercial real estate well.

The secondary market is growing for a reason. Jefferies says global secondary transaction volume reached a record $240 billion in 2025, up 48% year over year. Investors are using secondaries more often because private markets are larger, hold periods are longer, and liquidity is becoming a more active part of portfolio strategy.

That trend fits commercial real estate naturally.

The sector is still attracting buyers. It’s still drawing capital. It’s still creating openings for investors who know how to evaluate pricing, structure, and asset quality. Secondaries give that process another lane. They create room for existing investors who want liquidity. They create access for buyers who want exposure. They give sponsors another path to keep quality opportunities in motion.

That’s where LPshares fits.

LPshares gives accredited investors a place to browse private market opportunities, explore seasoned LP interests, and pursue liquidity when an existing position no longer fits. It also gives sponsors another path to reach new accredited investors and keep capital circulating around quality deals.

Commercial real estate still has strong investor interest. Secondaries deserve a bigger place in that conversation.

LPshares is a secondary marketplace for limited partner interests in private real estate and alternative assets.