{"id":1004779052,"date":"2026-02-03T00:36:37","date_gmt":"2026-02-03T08:36:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004779052"},"modified":"2026-02-13T05:19:07","modified_gmt":"2026-02-13T13:19:07","slug":"the-one-big-beautiful-bill-catalyst-or-constraint-for-cre","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-one-big-beautiful-bill-catalyst-or-constraint-for-cre\/","title":{"rendered":"The One Big Beautiful Bill: Catalyst or Constraint for CRE\u2019s Next Cycle?"},"content":{"rendered":"
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(From left to right) David Cohen and Danny Diaz Leyva. Images courtesy of Cohen Property Law Group and Day Pitney, respectively<\/em><\/figcaption><\/figure><\/div>\n\n\n

The passage of the One Big Beautiful Bill arrived at a moment when the commercial real estate industry was still trying to regain its footing after two years of stalled projects, uneven deal flow and prolonged uncertainty. Almost seven months later, the question is no longer what the legislation was designed to do, but whether it has meaningfully altered behavior on the ground.<\/p>\n\n\n\n

The bill\u2019s mix of tax incentives\u2014from expanded depreciation benefits to renewed support for Opportunity Zones and manufacturing investment<\/a>\u2014was intended to act as a catalyst, freeing up capital, improving cash flow and encouraging developers, lenders and investors to reengage with projects that had been sidelined. In practice, its impact has been more nuanced.<\/p>\n\n\n\n

While the tax framework is clearer, the broader operating environment remains unsettled. Tariffs continue to pressure construction costs<\/a>, political volatility is still elevated and concerns about the federal deficit are increasingly filtering into credit markets. <\/p>\n\n\n\n

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Policy clarity is fuel for deals. Once the rules stop moving, capital starts moving.<\/p>\n\u2014David Frosh, CEO, Fidelity Bancorp Funding<\/cite><\/blockquote>\n\n\n\n

As a result, the industry has entered a new cycle defined by measured momentum rather than outright acceleration\u2014a duality reflected across experts who view the bill as a potential tailwind, but not a cure-all. For some market participants, that clarity alone has mattered. <\/p>\n\n\n\n

“The passage of the so-called Big Beautiful Bill removed an uncertainty regarding tax law,” Gregg Abella, CEO at Investment Partners Asset Management, told Commercial Property Executive<\/em>. “So, on the one hand\u2014by providing clarity as to how the income from various types of investments will be taxed\u2014passage of the bill has helped investors feel confident in putting money to work in markets broadly.” <\/p>\n\n\n\n

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READ ALSO: <\/strong>What the Senate Version of the Big Beautiful Bill Means for CRE<\/a><\/p>\n\n\n\n

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That confidence, however, is tempered by longer-term considerations. Some experts point out that reduced federal tax revenue could deepen the deficit over time, potentially exerting upward pressure on interest rates, a scenario that would ripple through both consumer and commercial borrowing.<\/p>\n\n\n\n

Others characterize the legislation as simultaneously stabilizing and fragile. Danny Diaz Leyva, partner at law firm Day Pitney, views the bill as leaning toward stimulus, injecting capital into a market that had been operating below capacity. Lenders, meanwhile, are seeing improved sentiment without full conviction. David Frosh, CEO of Fidelity Bancorp Funding, sees rising optimism among sponsors, even as tariff and rate pressures continue to influence underwriting and timing.<\/p>\n\n\n\n

\u201cConfidence is up, certainty isn\u2019t and lenders price that gap,” Frosh said. “Confidence is better, but fragile. Tariffs, inflation and rate risk still cloud the runway. Lenders are cautious, often pushing closings into next quarter. Optimism exists, but it\u2019s still conditional. Stability hasn\u2019t fully landed yet.”<\/p>\n\n\n\n

The bill\u2019s early impact suggests that the next phase of the commercial real estate cycle will be shaped not only by policy incentives, but by how effectively market participants navigate lingering volatility, using clarity where it exists, and caution where it doesn’t.<\/p>\n\n\n\n

Tax policy is starting to move the market<\/h2>\n\n\n\n

Seven months after the One Big Beautiful Bill took effect, its impact is beginning to show up in project feasibility, underwriting assumptions and the timing of capital deployment. While longer-term outcomes remain tied to broader economic conditions, several provisions are already influencing how developers, lenders and investors are approaching deals this year.<\/p>\n\n\n\n

Rob Haggerty, tax partner at Armanino, which advises construction firms on navigating the new framework, groups the provisions into three buckets: new, permanent or extended, and hybrid or technical tweaks.<\/p>\n\n\n\n

\u201cOne new provision is a new classification of depreciable property called Qualified Production Property, which allows 100 percent expensing of qualified nonresidential real property used in production, manufacturing and refining,” he said. “The permanent or extended provisions are very beneficial, but they aren\u2019t as fun since they simply made a Tax Cuts and Jobs Act provision permanent before it expired and was truly felt by taxpayers.”<\/p>\n\n\n\n

Other elements of the bill restored or extended incentives that many developers had expected to lose. Haggerty pointed to the Qualified Business Income Deduction and 100 percent Bonus Depreciation as especially impactful, noting that permanence provides the predictability required for multi-year planning. Adjustments to the section 163(j) business interest limitation, along with Opportunity Zones and Qualified Small Business Stock exclusions, are also expanding flexibility around capital structuring and exit strategies.<\/p>\n\n\n\n

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READ ALSO: <\/strong>How OBBBA Changes the Business Interest Expense Limitation<\/a><\/p>\n\n\n\n

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With full expensing reinstated, Frosh noted that projects are moving faster through underwriting and into execution. Bonus depreciation and accelerated cost-recovery provisions under the One Big Beautiful Bill have helped revive investor interest across CRE, showing up in increased acquisition and refinancing activity. While many transactions remain in early stages, Frosh characterizes the shift as meaningful after an extended slowdown.<\/p>\n\n\n

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(From left to right) David Frosh and Rob Haggerty. Images courtesy of Fidelity Bancorp Funding and Armanino, respectively<\/em><\/figcaption><\/figure><\/div>\n\n\n

“There\u2019s a clear resurgence in activity and optimism,” he said. “Even though some deals are still in preliminary stages, the mindset has shifted decisively from defensive to opportunistic. The feeling among clients is that \u2018business as usual\u2019 might finally be on the horizon after an extended deal-making drought. Policy clarity is fuel for deals. Once the rules stop moving, capital starts moving.”<\/p>\n\n\n\n

Among the bill\u2019s provisions, Opportunity Zones may deliver some of the fastest and most visible responses. David Cohen, co-founder of Qualified Opportunity Zone Fund I and chairman at Cohen Property Law Group, believes the program\u2019s permanence will act as a meaningful stimulus for development, though he cautions that rural designations still demand careful underwriting.<\/p>\n\n\n\n

Diaz Leyva similarly expects accelerated depreciation, bonus expensing and expanded Opportunity Zone incentives to generate early momentum\u2014particularly for adaptive reuse, multifamily and mixed-use projects, including developments repositioned as creative office environments<\/a>.<\/p>\n\n\n\n

Where policy gains run into economic reality<\/h2>\n\n\n\n

Even as tax incentives begin to revive deal flow and improve near-term project economics, the broader economic backdrop remains challenging. Many of the structural pressures that have shaped real estate decision-making over the past two years continue to outweigh the influence of any single tax measure.<\/p>\n\n\n\n

\u201cWhile the bill may boost transactional volume, it doesn\u2019t change the core financing calculus behind new development,” Frosh said. “High construction costs, tightening credit spreads and elevated interest rates still govern feasibility far more than tax perks.” <\/p>\n\n\n\n

As a result, much of the current enthusiasm is tied to timing and structuring around tax advantages rather than to full-scale expansion. Frosh noted that until borrowing costs ease meaningfully, the bill\u2019s impact is likely to remain more cosmetic than structural.<\/p>\n\n\n\n

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READ ALSO: <\/strong>Why Tariffs Are a Tough Argument to Make<\/a><\/p>\n\n\n\n

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That tension is increasingly visible in market behavior. While inquiries and early-stage underwriting activity have picked up, developers remain constrained by compressed cap rates and persistent cost inflation. Many are proceeding cautiously, mindful that margins can erode quickly in a high-rate environment where the spread between borrowing costs and exit cap rates remains thin.<\/p>\n\n\n\n

Macroeconomic volatility adds another layer of risk. Frosh warned that tariff shifts and policy changes can quickly erode gains created by accelerated depreciation or expensing provisions.<\/p>\n\n\n\n

“A tax win may not stand a chance against a steel price surge\u2026 Incentives help, but they can\u2019t fight economics. Policy wins don\u2019t build buildings\u2014permits, parts and pricing do,” he said.<\/p>\n\n\n

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\"Gregg\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Gregg Abella. Image courtesy of Investment Partners Asset Management<\/figcaption><\/figure><\/div>\n\n\n

Concerns also extend beyond construction inputs to the broader credit landscape.<\/p>\n\n\n\n

\u201cThe U.S. national debt is currently at nearly $38 trillion and climbing, which is approximately 124 percent of our GDP,” Abella said. “We’ll see how this plays out, but the early math seems to suggest that further deterioration of the U.S. balance sheet will continue. To the degree that the government needs to keep printing money to pave over the deficits, it could have an effect on the dollar, inflation, interest rates and the cost of capital.”<\/p>\n\n\n\n

While credit spreads remain unusually tight, Abella believes early signs of stress are beginning to surface, an expected development at this stage of the cycle. A handful of high-profile defaults, he noted, could prompt investors to reassess valuations and risk, reinforcing caution<\/a> even as deal activity improves.<\/p>\n\n\n\n

Uneven tailwinds shape the next phase<\/h2>\n\n\n\n

While the One Big Beautiful Bill was designed to re-energize investment across commercial real estate, its effects are playing out unevenly. Developers, landlords, service providers and investors are benefiting in different ways\u2014and on different timelines\u2014depending on their capital structures, asset strategies and geographic exposure.<\/p>\n\n\n\n

From a tax perspective, the most immediate impact has been on cash flow. Haggerty noted that the tax cuts embedded in the One Big Beautiful Bill have already increased after-tax cash flow for many taxpayers, a dynamic that could spur development in the near term. At the same time, retroactive bonus depreciation and eased interest deductibility are prompting some owners to revisit projects that had previously been shelved.<\/p>\n\n\n\n

Additional momentum could come from guidance around new Opportunity Zones<\/a>, particularly for industrial and manufacturing-oriented assets. Still, enhanced incentives alone are not enough to overcome fundamental constraints. As Frosh cautioned, \u201ctax policy sweetens deals; it doesn\u2019t de-risk them.\u201d Projects with strong fundamentals may move faster, but elevated debt costs and construction inflation continue to dictate feasibility. Optimism is returning, he said, but \u201coptimism won\u2019t close deals\u2014only cash flow will.”<\/p>\n\n\n\n

Looking ahead, the durability of the recovery will depend largely on interest rates<\/a>.<\/p>\n\n\n\n

\u201cIf rates stay steady, we\u2019ve got real runway,” said Frosh. “Liquidity\u2019s back, confidence is building and deal pipelines are growing. This feels like a true restart, not a quick flash. Investors are breathing again after two years underwater. The market finally has oxygen.”<\/p>\n\n\n\n

For now, caution remains part of the equation. Investors are proceeding carefully, even as they take note of the opportunities emerging across the landscape, Cohen observed, underscoring a market that is reawakening, but still moving with discipline.<\/p>\n","protected":false},"excerpt":{"rendered":"

Industry leaders assess how the law is shaping projects, pricing and capital decisions in today\u2019s market.<\/p>\n","protected":false},"author":741,"featured_media":1004786531,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21783,23891,52682,51037],"tags":[52487,52670,43688],"class_list":["post-1004779052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-investment","category-national","category-policy","category-trends","tag-armanino","tag-fidelity-bancorp-funding","tag-opportunity-zones"],"acf":[],"yoast_head":"\nThe One Big Beautiful Bill: Catalyst or Constraint? - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Industry leaders assess how the One Big Beautiful Bill is shaping projects, pricing and capital decisions seven months in.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/the-one-big-beautiful-bill-catalyst-or-constraint-for-cre\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The One Big Beautiful Bill: Catalyst or Constraint for CRE\u2019s Next Cycle?\" \/>\n<meta property=\"og:description\" content=\"Industry leaders assess how the One Big Beautiful Bill is shaping projects, pricing and capital decisions seven months in.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/the-one-big-beautiful-bill-catalyst-or-constraint-for-cre\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-03T08:36:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-13T13:19:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/02\/Robert-Haggarty-and-David-Cohen.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Corina Stef\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-one-big-beautiful-bill-catalyst-or-constraint-for-cre\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/the-one-big-beautiful-bill-catalyst-or-constraint-for-cre\/\",\"name\":\"The One Big Beautiful Bill: Catalyst or Constraint? - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-one-big-beautiful-bill-catalyst-or-constraint-for-cre\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-one-big-beautiful-bill-catalyst-or-constraint-for-cre\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/02\/Robert-Haggarty-and-David-Cohen.jpg\",\"datePublished\":\"2026-02-03T08:36:37+00:00\",\"dateModified\":\"2026-02-13T13:19:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/73262f140f4b0a11baea2dd6f27beadf\"},\"description\":\"Industry leaders assess how the One Big Beautiful Bill is shaping projects, pricing and capital decisions seven months in.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-one-big-beautiful-bill-catalyst-or-constraint-for-cre\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/the-one-big-beautiful-bill-catalyst-or-constraint-for-cre\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-one-big-beautiful-bill-catalyst-or-constraint-for-cre\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/02\/Robert-Haggarty-and-David-Cohen.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/02\/Robert-Haggarty-and-David-Cohen.jpg\",\"width\":800,\"height\":620,\"caption\":\"From left to right: Robert Haggarty and David Cohen. 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