France Media 2027 Forecast Survey for Developers, Owners and Managers

Welcome to Our Annual Forecast Survey

Dear Commercial Real Estate Developer, Owner or Manager,

While the commercial real estate industry is enjoying strong performances in specialized sectors as 2026 draws to a close, elevated interest rates remain a threat to owners and developers amid a volatile debt-financing market. Among the positives, the retail real estate market is experiencing historically low vacancy rates due to strong tenant demand and constrained supply.

Affluent consumers are a major driver in this space even as inflation continues to strain household budgets. Meanwhile, the multifamily sector is stabilizing after a massive building boom led to oversupply.

In the industrial sector, tenant expansion has gained momentum, and absorption is now outpacing completions. The U.S. office market remains choppy. Prime office space is in demand among tenants and investors, but Class B and C office space is languishing.

Against that backdrop, we welcome your insights as part of our 16th annual survey.

(Note: Please remember to click on "done" to properly submit the survey.)

Sincerely,

Matt Valley
Editorial Director, Real Estate Regionals
France Media, Inc.

Question Title

1. In which region of the country do you personally conduct most of your business? (Answer required to allow France Media to place responses in the appropriate regional publication.) (Required.)

Southeast (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington, D.C.)

Northeast (Connecticut, Delaware, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont)

Midwest (Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin)

Western U.S. (Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington and Wyoming)

Texas and Oklahoma

Question Title

2. Which of the following best describes your company? (Please mark all that apply)

Commercial Real Estate Developer

Commercial Real Estate Owner

Commercial Real Estate Manager

Institutional Investor/Pension Fund

Private Individual

Private Partnership

Private Equity/Opportunity Fund/Hedge Fund

Public Non-Traded REIT

Publicly Traded REIT

Other (please specify)

Question Title

3. Check the box that best describes your job title:

	President	Owner	Partner	Chairman of the Board	CEO	CFO	CIO	Director of Development	Real Estate Manager	Property Manager	Other Manager including General Manager
Developer	Developer President	Developer Owner	Developer Partner	Developer Chairman of the Board	Developer CEO	Developer CFO	Developer CIO	Developer Director of Development	Developer Real Estate Manager	Developer Property Manager	Developer Other Manager including General Manager
Owner	Owner President	Owner Owner	Owner Partner	Owner Chairman of the Board	Owner CEO	Owner CFO	Owner CIO	Owner Director of Development	Owner Real Estate Manager	Owner Property Manager	Owner Other Manager including General Manager
Manager	Manager President	Manager Owner	Manager Partner	Manager Chairman of the Board	Manager CEO	Manager CFO	Manager CIO	Manager Director of Development	Manager Real Estate Manager	Manager Property Manager	Manager Other Manager including General Manager

Other (please specify)

Question Title

4. Do you plan to be a net seller or net buyer of commercial real estate properties in 2027?

Net Seller

Net Buyer

Do not plan to sell or buy

Uncertain

Question Title

5. If seller: In which property sector(s) are you planning to sell assets in 2027?

Hotel

Industrial

Multifamily

Office

Retail

Mixed-use

Not applicable

Other (please specify)

Question Title

6. If buyer: In which property sector(s) are you planning to buy assets in 2027?

Hotel

Industrial

Multifamily

Office

Retail

Mixed-use

Not applicable

Other (please specify)

Question Title

7. Do you have any projects in the development pipeline that your firm will break ground on in 2027?

Yes

Question Title

8. If yes, in which property sectors will you break ground?

Hotel

Industrial

Multifamily

Office

Retail

Mixed-Use

Not applicable

Other (please specify)

Question Title

9. If your company has projects in the pipeline for 2027, could you please give a brief description of one of the projects below? (Project name, address, square footage, etc.)

Question Title

10. Among the following property types, will your negotiating leverage with tenants in 2027 be stronger, weaker or the same as it was in 2026?

	Stronger	Weaker	Same as 2026
Industrial	Industrial Stronger	Industrial Weaker	Industrial Same as 2026
Multifamily	Multifamily Stronger	Multifamily Weaker	Multifamily Same as 2026
Office	Office Stronger	Office Weaker	Office Same as 2026
Retail	Retail Stronger	Retail Weaker	Retail Same as 2026

Question Title

11. Rate the level of confidence you have that your firm will do more development in 2027 versus 2026.

High confidence

Moderate confidence

Low confidence

No confidence

Uncertain

Not applicable

Question Title

12. In your view, will the borrowing climate for new development be more favorable, less favorable or about the same in 2027 as it was in 2026 across commercial real estate?

More favorable

Less favorable

About the same

Uncertain

Question Title

13. In your view, will the borrowing climate for acquisitions and refinancing be more favorable, less favorable or about the same in 2027 as it was in 2026 across commercial real estate?

More favorable

Less favorable

About the same

Uncertain

Question Title

14. Do the benefits of tariffs (protecting industries and jobs and increasing government revenue) outweigh the costs (higher consumer prices, potential retaliation from other countries, general uncertainty) from a commercial real estate perspective?

Benefits significantly outweigh costs

Benefits somewhat outweigh costs

Benefits and costs are about equal

Costs somewhat outweigh benefits

Costs significantly outweigh benefits

Uncertain

Question Title

15. What is your best guess as to where the U.S. 10-year Treasury yield will stand at the end of 2027?

6.5% or higher

6.0% to 6.5%

5.75% to 6.0%

5.5% to 5.75%

5.25% to 5.5%

5.0% to 5.25%

4.75% to 5.0%

4.5% to 4.75%

4.25% to 4.5%

4.0% to 4.25%

3.75% to 4.0%

3.5% to 3.75%

3.5% or lower

Uncertain

Question Title

16. Among the following property types, how do you think the volume of distressed properties in 2027 will compare to 2026?

	Increase significantly	Increase somewhat	Remain the same	Decrease somewhat	Decrease significantly	Uncertain
Industrial	Industrial Increase significantly	Industrial Increase somewhat	Industrial Remain the same	Industrial Decrease somewhat	Industrial Decrease significantly	Industrial Uncertain
Multifamily	Multifamily Increase significantly	Multifamily Increase somewhat	Multifamily Remain the same	Multifamily Decrease somewhat	Multifamily Decrease significantly	Multifamily Uncertain
Office	Office Increase significantly	Office Increase somewhat	Office Remain the same	Office Decrease somewhat	Office Decrease significantly	Office Uncertain
Retail	Retail Increase significantly	Retail Increase somewhat	Retail Remain the same	Retail Decrease somewhat	Retail Decrease significantly	Retail Uncertain

Question Title

17. How do you expect office utilization in your market to trend over the next 12–18 months?

Increase significantly

Increase moderately

Remain roughly the same

Decrease moderately

Decrease significantly

Too early to tell

Question Title

18. Which three factors do you think will pose the greatest risk to the commercial real estate industry in 2027? (Select up to three)

Interest rates

Inflation

GDP/job growth

Construction and material costs

Energy prices

U.S. national debt

Geopolitical risk

U.S. political climate

Tariffs and trade policy

AI and technology disruption

Labor availability/talent recruitment

Other (please specify)

Question Title

19. What impact will the results of the midterm elections have, if any, on the commercial real estate sector in 2027? (Please type in your comments here and include your name, job title, company name, phone number and email address so that we may follow up with you for additional information and/or attribute quotes to you if we include your comment in the article. (You can also leave an anonymous comment.)

Question Title

20. Data centers are the fastest-growing niche sector in commercial real estate. Do the pros (high yields and unprecedented demand) outweigh the cons (power and grid scarcity and massive capital expenditure requirements) in your view? Please explain. (Please type in your comments here and include your name, job title, company name, phone number and email address so that we may follow up with you for additional information and/or attribute quotes to you if we include your comment in the article. (You can also leave an anonymous comment.)

Question Title

21. What do you see as the greatest opportunity and/or challenge for the commercial real estate industry in 2027? Please type in your comments here and include your name, job title, company name, phone number and email address so that we may follow up with you for additional information and/or attribute quotes to you if we include your comment in the article. (You can also leave an anonymous comment.)

Question Title

22. Can we reach out to you as a potential source for our analysis article of the survey results? (Required.)

Yes

Question Title

* 1. In which region of the country do you personally conduct most of your business? (Answer required to allow France Media to place responses in the appropriate regional publication.) (Required.)

Question Title

* 2. Which of the following best describes your company? (Please mark all that apply)

Question Title

* 3. Check the box that best describes your job title:

Question Title

* 4. Do you plan to be a net seller or net buyer of commercial real estate properties in 2027?

Question Title

* 5. If seller: In which property sector(s) are you planning to sell assets in 2027?

Question Title

* 6. If buyer: In which property sector(s) are you planning to buy assets in 2027?

Question Title

* 7. Do you have any projects in the development pipeline that your firm will break ground on in 2027?

Question Title

* 8. If yes, in which property sectors will you break ground?

Question Title

* 9. If your company has projects in the pipeline for 2027, could you please give a brief description of one of the projects below? (Project name, address, square footage, etc.)

Question Title

* 10. Among the following property types, will your negotiating leverage with tenants in 2027 be stronger, weaker or the same as it was in 2026?

Question Title

* 11. Rate the level of confidence you have that your firm will do more development in 2027 versus 2026.

Question Title

* 12. In your view, will the borrowing climate for new development be more favorable, less favorable or about the same in 2027 as it was in 2026 across commercial real estate?

Question Title

* 13. In your view, will the borrowing climate for acquisitions and refinancing be more favorable, less favorable or about the same in 2027 as it was in 2026 across commercial real estate?

Question Title

* 14. Do the benefits of tariffs (protecting industries and jobs and increasing government revenue) outweigh the costs (higher consumer prices, potential retaliation from other countries, general uncertainty) from a commercial real estate perspective?

Question Title

* 15. What is your best guess as to where the U.S. 10-year Treasury yield will stand at the end of 2027?

Question Title

* 16. Among the following property types, how do you think the volume of distressed properties in 2027 will compare to 2026?

Question Title

* 17. How do you expect office utilization in your market to trend over the next 12–18 months?

Question Title

* 18. Which three factors do you think will pose the greatest risk to the commercial real estate industry in 2027? (Select up to three)

Question Title

Question Title

Question Title

Question Title

* 22. Can we reach out to you as a potential source for our analysis article of the survey results? (Required.)

Question Title

* 23. If yes, please provide your name, job title, company name and email address in the below text box.

1. In which region of the country do you personally conduct most of your business? (Answer required to allow France Media to place responses in the appropriate regional publication.) (Required.)

2. Which of the following best describes your company? (Please mark all that apply)

3. Check the box that best describes your job title:

4. Do you plan to be a net seller or net buyer of commercial real estate properties in 2027?

5. If seller: In which property sector(s) are you planning to sell assets in 2027?

6. If buyer: In which property sector(s) are you planning to buy assets in 2027?

7. Do you have any projects in the development pipeline that your firm will break ground on in 2027?

8. If yes, in which property sectors will you break ground?

9. If your company has projects in the pipeline for 2027, could you please give a brief description of one of the projects below? (Project name, address, square footage, etc.)

10. Among the following property types, will your negotiating leverage with tenants in 2027 be stronger, weaker or the same as it was in 2026?

11. Rate the level of confidence you have that your firm will do more development in 2027 versus 2026.

12. In your view, will the borrowing climate for new development be more favorable, less favorable or about the same in 2027 as it was in 2026 across commercial real estate?

13. In your view, will the borrowing climate for acquisitions and refinancing be more favorable, less favorable or about the same in 2027 as it was in 2026 across commercial real estate?

14. Do the benefits of tariffs (protecting industries and jobs and increasing government revenue) outweigh the costs (higher consumer prices, potential retaliation from other countries, general uncertainty) from a commercial real estate perspective?

15. What is your best guess as to where the U.S. 10-year Treasury yield will stand at the end of 2027?

16. Among the following property types, how do you think the volume of distressed properties in 2027 will compare to 2026?

17. How do you expect office utilization in your market to trend over the next 12–18 months?

18. Which three factors do you think will pose the greatest risk to the commercial real estate industry in 2027? (Select up to three)

22. Can we reach out to you as a potential source for our analysis article of the survey results? (Required.)

23. If yes, please provide your name, job title, company name and email address in the below text box.