Byjeng/iStock via Getty Images Rich Hill, Senior Managing Director - Global Head of Real Estate Research and Strategy Real Capital Analytics data released on Thursday showed U.S. commercial real estate transaction volumes accelerating meaningfully in early 2026. Most notably, 1Q26 transactions totaled $135.8bn, up 27% YoY, despite a volatile macro backdrop. March volumes rose 40% YoY, while Januar...
Byjeng/iStock via Getty Images Rich Hill, Senior Managing Director - Global Head of Real Estate Research and Strategy Real Capital Analytics data released on Thursday showed U.S. commercial real estate transaction volumes accelerating meaningfully in early 2026. Most notably, 1Q26 transactions totaled $135.8bn, up 27% YoY, despite a volatile macro backdrop. March volumes rose 40% YoY, while January and February were revised sharply higher to +24% and +18%, respectively, evidence that activity was materially stronger than initially reported. Breadth across property types reinforces our view that private real estate remains fully in recovery. Six of seven sectors posted higher YoY volumes in 1Q26, led by Senior Housing (+194%), Hotels (+64%), Office (+39%), and Industrial (+27%). Retail (+3%) and Apartments (+1%) also remained modestly positive. Data centers (-31%) were the lone decliner, reflecting the sector’s inherently lumpy, large-ticket transaction profile rather than a deterioration in fundamentals. While some deals were likely agreed upon prior to March’s geopolitical volatility, their completion is a clear positive and underscores improving market confidence. Transaction volumes tend to act as a barometer for sentiment: accelerating volumes signal growing demand and confidence, whereas slowing volumes would suggest increasing caution amongst investors. Importantly, this strength aligns with both the preliminary 1Q26 NCREIF ODCE returns of +1.24%, marking the seventh consecutive quarter of positive performance, and with the U.S.-listed REIT market returning to prior cycle highs, a classic leading indicator of market expansion. Bottom line Taken together, Thursday’s transaction volume data reinforce our view that the U.S. private real estate cycle remains fully in recovery, supported by open and liquid debt markets. Historical cycle analysis suggests recoveries average roughly 2 years, followed by long, durable expansion phases lasting 12–13 years, driven not o...
mammuth/iStock via Getty Images US investor-owned utilities are planning significant capital expenditures over the next five years, focusing on infrastructure modernization, reliability and new generation capacity to meet heightened energy demand from new large-load customers, particularly data centers. The take RRA forecasts approximately $1.3 trillion of aggregate capital expenditures for US ene...
mammuth/iStock via Getty Images US investor-owned utilities are planning significant capital expenditures over the next five years, focusing on infrastructure modernization, reliability and new generation capacity to meet heightened energy demand from new large-load customers, particularly data centers. The take RRA forecasts approximately $1.3 trillion of aggregate capital expenditures for US energy utilities between 2026 and 2030 as companies seek to modernize infrastructure and add generation capacity in response to heightened energy demand from large-load customers, particularly data centers that support AI, digital services and cloud infrastructure. Data centers, along with other large industrial loads such as new manufacturing facilities, are fueling the need for new power supplies through 2035, adding 374 TWh of energy demand and over 45 GW of peak load, according to analysts at S&P Global Energy CERA. RRA's updated 2026 capex forecast represents an approximate 29% increase from roughly $200 billion spent in 2025. Aggregate energy utility investments are now projected at $259.122 billion in 2026, $275.592 billion in 2027 and $276.921 billion in 2028 — an approximately 9% increase over 2026–28 forecast spending levels in RRA's December 2025 capex forecast. Within the smaller investor-owned water utility sector, total capex is projected to grow approximately 16% in 2026 to $6.947 billion, from $6.003 billion in 2025, continuing a trend of double-digit annual capex growth rates. The elevated pace of capital expenditures over the next several years will require a commensurate level of regulatory engagement to secure timely cost recovery; as such, Regulatory Research Associates anticipates ongoing elevated rate case activity across the sector, with a focus on balancing the need for significant infrastructure investment against customer affordability considerations. Successful regulatory outcomes will be central to translating capital spending into rate base and ea...
Notably, DeepSeek looks to have turned primarily to China’s Huawei Technologies for the hardware behind its latest release. Huawei said in a WeChat post that its entire Ascend AI chip line now offers full-stack support for DeepSeek V4 models, although DeepSeek said it validated one of V4’s key efficiency techniques on both Nvidia graphics-processing units and Huawei’s chips. Nvidia has been hamper...
Notably, DeepSeek looks to have turned primarily to China’s Huawei Technologies for the hardware behind its latest release. Huawei said in a WeChat post that its entire Ascend AI chip line now offers full-stack support for DeepSeek V4 models, although DeepSeek said it validated one of V4’s key efficiency techniques on both Nvidia graphics-processing units and Huawei’s chips. Nvidia has been hampered in China by tensions between Washington and Beijing.
Ukrainian accession is at the forefront of the agenda at April’s informal leaders summit in Nicosia, Cyprus, where EU leaders are talking about how Kyiv can accede to the bloc. Estonian Prime Minister Kristen Michal speaks to BTV’s Oliver Crook in Larnaca, Cyprus. (Source: Bloomberg)
Ukrainian accession is at the forefront of the agenda at April’s informal leaders summit in Nicosia, Cyprus, where EU leaders are talking about how Kyiv can accede to the bloc. Estonian Prime Minister Kristen Michal speaks to BTV’s Oliver Crook in Larnaca, Cyprus. (Source: Bloomberg)