CBRE · Earnings call · 2026Q3T · Full report

Capital Markets Demand Trends

CBRE GROUP, INC. · 2026-10-22 · Importance 38 · Surprise 24

Management said higher cap rates and interest-rate uncertainty are causing deals under contract to be retraded, prospective transactions not to proceed, and some sellers to refinance rather than sell. CBRE saw a slowdown in Capital Markets during the third quarter, particularly in September, and expects the business to be roughly flat in the fourth quarter and into the first half of 2027. The impacts are showing up in investment sales, mortgage origination, development and investment management. Management said rate stability could help activity in the second half of 2027, but delayed deals may move into 2027 and outcomes depend on how rates and uncertainty evolve.

Key facts

• CBRE expects Capital Markets overall to be roughly flat in Q4 2026, with that condition extending into the first half of 2027.
• CBRE said higher cap rates led to deals under contract being retraded and prospective deals not going under contract.
• CBRE said it was seeing refinancings in some cases where it had expected sales.
• CBRE said Q3 2026 saw a slowdown in its Capital Markets business, particularly in September.