San Francisco Bay Area Among Top Targets for Commercial Real Estate Investment in 2026, CBRE Survey Finds

A recent survey of commercial real estate investors ranked San Francisco as a top 10 target among U.S. metros. The region rose six spots to #3 in CBRE’s 2026 North America Investor Intentions Survey.

“The San Francisco office market recovery is well underway and has become a top investment target for capital sources around the world,” said Kyle Kovac, executive vice president at CBRE.

Investors are strategically focusing on high-growth Sun Belt markets while also seeking discounted opportunities in gateway cities. Dallas continues to lead as the top market for investment for the fifth consecutive year, followed by Atlanta and San Francisco. Several new markets made the top 10 this year, including Charlotte, Nashville, Tampa and Seattle reflecting shifting investor preferences.

“Investors are approaching 2026 with optimism about the continued recovery of commercial real estate, even as they navigate political uncertainties affecting the broader economy,” said Tommy Lee, President and Co-Head of Capital Markets, U.S. & Canada for CBRE. “Despite these challenges, stabilizing debt costs and attractive entry points for pricing are driving investor confidence, as many see this as an opportunity to secure high-quality assets and position themselves for long-term growth.”

Other Key Findings from CBRE’s 2026 North America Investor Intentions Survey:

• Investor Sentiment: 95% of investors plan to buy more than or as much commercial real estate assets in 2026 as they did last year. This growth will be fueled by additional capital, with 97% of investors either maintaining or increasing their allocations to real estate in 2026. Stabilizing pricing and declining debt costs were cited as key drivers of this increased activity.
• Top Markets: Dallas remains the most attractive market for U.S. investors for the fifth consecutive year. Atlanta ranks second, followed by San Francisco. New entrants to the top 10 include Charlotte, Nashville, Tampa and Seattle.
• Property Types: Multifamily remains the most sought-after property type by a wide margin, with 74% of U.S. investors targeting this sector, followed by industrial & logistics (37%), retail (27%) and office assets (16%).
• Preferred Strategies: Two-thirds of investors favor value-add and core-plus strategies, reflecting a preference for moderate-risk opportunities with higher returns. Core strategies also gained traction, while opportunistic, distressed, and debt strategies saw declines.
• Biggest Challenges: Investors cite uncertainty about long-term interest rates and the reduced size of refinanced loans due to lower capital values as the top challenges in 2026.