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Report

2026 Commercial Real Estate Industry Outlook

Marsh McLennan AgencyFebruary 20, 20262 min read

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Market Overview

A sector outlook organized by property type. Multifamily fundamentals are solid, but underwriting friction is rising from aging building systems, more frequent water damage, and crime concerns. Hospitality scrutiny is focused on staff turnover and access control. The most useful detail for affordable housing owners is a tax credit warning: if LIHTC units are uninhabitable at year end, IRS rules can revoke that year's credit even when the loss is insured, and standard policies typically exclude that timing risk.

About Marsh McLennan Agency

Marsh is a global insurance broker and risk advisor. Its real estate practice combines insurance placement, analytics, claims advocacy, risk consulting, and alternative risk solutions for complex portfolios.

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