By: J. David Chapman, PhD, / November 13, 2026
This time of year, industry groups frequently ask me to deliver a year-end review and forecast. I enjoy studying the market, reconnecting with professionals, and occasionally promoting my books, subURBAN! and Landlord!
This week, I spoke to one of my favorite organizations, the Building Owners and Managers Association (BOMA). Through education, advocacy, and networking, BOMA supports those who keep commercial buildings operating, tenants happy, and properties profitable.
Rather than dust off another collection of charts and graphs, I called some of the most respected commercial real estate professionals I know. Six responded: Tim Strange of Rose Rock, Ryan Chapman of Colliers, Stuart Graham of CBRE, Jim Parrack of Creek Price Edwards, Travis Mason of Cushman & Wakefield, and Matthew Myers of Switchgrass Capital.
I asked three questions:
Where have we been? What happened in 2026?
Where are we going? What can we expect in 2027?
What should we do? How should owners and managers prepare?
Their responses were fascinating, particularly how much they agreed. Looking back, 2026 was a year of recalibration. Higher financing costs complicated development. Multifamily absorbed new supply. Retail remained healthy but increasingly selective. Office leasing was strong, although financing costs pressured owners.
Ryan Chapman described multifamily as a year of "digestion, not distress." Matthew Myers reported premium retail locations commanding extraordinary rents, including two triple-net leases at $45 per square foot. Jim Parrack emphasized tenant quality and controlling operating expenses.
Travis Mason described strong office leasing despite challenging capital markets. Companies increasingly favor smaller, more efficient spaces in better buildings. He also noted that the traditional "cash-out refinance" has become a "cash-in refinance," as higher interest rates and lower valuations force owners to contribute additional equity.
Looking forward, 2027 offers opportunity, but not necessarily easy opportunity. Tim Strange expects debt maturities to create opportunities for disciplined investors. Stuart Graham sees renewed retail activity among major anchors. Ryan Chapman anticipates improving multifamily conditions as new construction slows. Matthew Myers expects exceptional locations to outperform average properties.
Travis Mason predicts continued office leasing strength, particularly among engineering, aerospace, energy, and professional service firms. Limited new construction could also help stabilize vacancies and support rents.
What should owners and managers do? Their advice was remarkably consistent. Control expenses. Retain good tenants. Maintain properties. Understand financing. Invest in quality. Communicate. Act quickly.
As Tim Strange put it, "Discipline beats optimism." Travis Mason offered equally practical advice: "Fail fast and be proactive." Respond quickly to prospective tenants, address problems immediately, and ensure brokers and property managers communicate.
Jim Parrack emphasized that the best-performing properties may not command the highest rents. They may simply be the best managed.
That message connects directly to my books. In subURBAN!, I explore how walkability, placemaking, and community influence real estate value. In Landlord!, I argue that successful ownership requires balancing profit, property, and people. We cannot control interest rates, inflation, or the economy. But we can control much about the properties we own and manage. Perhaps 2027 won't be the year of the developer, investor, or broker. Perhaps 2027 will be the year of the property manager.
Dr. J. David Chapman is Chair of Finance and Professor of Real Estate at the University of Central Oklahoma (jchapman7@uco.edu).