{"id":1004789817,"date":"2026-03-04T06:18:17","date_gmt":"2026-03-04T14:18:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004789817"},"modified":"2026-03-26T05:55:56","modified_gmt":"2026-03-26T13:55:56","slug":"the-evolution-of-cre-demand","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-evolution-of-cre-demand\/","title":{"rendered":"The Evolution of CRE Demand"},"content":{"rendered":"\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2668fa467d9&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-large wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004789823\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/the-evolution-of-cre-demand\/multinational-people-and-digital-data-in-an-office\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/AdobeStock_1654068096.jpeg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;metamorworks - stock.adobe.com&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1754928099&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Multinational people and digital data in an office&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"AdobeStock_1654068096\" data-image-description=\"&lt;p&gt;AdobeStock image purchased for a one time use. Do not reuse without requesting permission from the art department&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Editor&#8217;s Note. Image by Metamorworks\/Adobe StockImage by Metamorworks\/Adobe Stock&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/AdobeStock_1654068096.jpeg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"768\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/AdobeStock_1654068096.jpeg?w=1024\" alt=\"Multinational people and digital data in an office\" class=\"wp-image-1004789823\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/AdobeStock_1654068096.jpeg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/AdobeStock_1654068096.jpeg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/AdobeStock_1654068096.jpeg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/AdobeStock_1654068096.jpeg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\"><em>Image by Metamorworks\/Adobe Stock<\/em><\/figcaption><\/figure>\n\n\n\n<p>Commercial real estate has, somewhat quietly, undergone a structural transformation. Although the shift has been gradual, the cumulative impacts of this transformation have become more apparent and stand to have a profound effect on the performance of CRE fundamentals and consequently the investment landscape. Demand for space has become relatively more important over time as the composition of demand itself has shifted.<\/p>\n\n\n\n<p>These changes have created a market that is less cyclical in aggregate, but more dispersed and selective at the market\/submarket and asset level. Understanding this shift is essential for investors and developers navigating the next phase of the CRE cycle.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-fl-body-text-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.mydigitalpublication.com\/publication\/?i=861812\" style=\"background-color:#1bb1ae\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>READ THE MAGAZINE<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2668fa47640&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004703613\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/economists-view-the-coming-golden-age-of-asset-management\/ryan-severino-feature\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Ryan-Severino-Feature.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Ryan-Severino-Feature\" data-image-description=\"&lt;p&gt;Ryan Severino&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Ryan Severino&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Ryan-Severino-Feature.jpg?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Ryan-Severino-Feature.jpg?w=800\" alt=\"Ryan Severino\" class=\"wp-image-1004703613\" style=\"width:373px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Ryan-Severino-Feature.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Ryan-Severino-Feature.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Ryan-Severino-Feature.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Ryan Severino<\/figcaption><\/figure><\/div>\n\n\n<p>Supply growth has slowed considerably over the last roughly 45 years. Although we\u2019ve seen periods of acceleration and deceleration that coincide with the business cycle, and some property types have gone in and out of favor for development, the overall trend is clearly a slowdown. Why? First, simply the law of large numbers. As inventory has grown larger over time, the denominator effect lowers the rate of growth. Moreover, we already have most of the inventory we need to run the economy, and any growth is incremental.<\/p>\n\n\n\n<p>Second, capital discipline and higher rates of return have led to somewhat greater risk aversion to development. Third, regulatory friction such as zoning constraints, community opposition and extended and onerous permitting and entitlement processes have raised costs, extended timelines and created more instability. Finally, construction risk itself has become elevated\u2014labor availability, materials pricing and supply-chain uncertainty have increased development risk premiums.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"has-text-color has-link-color wp-elements-603844be8d29795c5e93b0477796ab53\" style=\"color:#3d5360\"><strong>Relative to eras past, demand for space is taking on greater importance in determining market outcomes.<\/strong><\/p>\n<\/blockquote>\n\n\n\n<p>Taken together, these forces have reduced the role that supply growth plays in impacting space market fundamentals, especially the key equilibrium variables of rent and vacancy rate. Consequently, this means that relative to eras past, demand for space is taking on greater importance in determining market outcomes.<\/p>\n\n\n\n<p>But hasn\u2019t demand growth also slowed as the economy has grown? Yes, but relative to the slowdown in supply expansion, demand growth has been more modest. Those mild shifts in demand now translate into larger movements in occupancy, rent and property values than they would have in prior cycles, even when controlling for the stage of the business cycle.<\/p>\n\n\n\n<p>Simultaneously, the composition of CRE demand has been changing. For much of modern CRE history, we could roughly approximate demand as a function of employment growth. Why? During this period, the two most valuable (and arguably, important) sectors for CRE investment were office and retail, whose fortunes are both closely tied to the labor market. That\u2019s not to say industrial and apartments are completely disconnected from the labor market, but their connections are somewhat more indirect and tenuous.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"has-text-color has-link-color wp-elements-7eb569467c54ab663f6ce85d147e4b11\" style=\"color:#3d5360\"><strong>In the current era of CRE investment, office and retail find themselves out of favor with many investors.<\/strong><\/p>\n<\/blockquote>\n\n\n\n<p>In the current era of CRE investment, office and retail find themselves out of favor with many investors. As a result, some investors have looked at alternative property classes to fill that void. In the current era, property classes such as data centers, senior housing, self storage, student housing and even medical\/health-care facilities have become more popular among institutional investors. And those property classes have diverse demand drivers, befitting a diverse set of property types.<\/p>\n\n\n\n<p>That means demand for space is diversifying, which should make demand less volatile than bygone eras. That doesn\u2019t mean labor no longer has an important role to play\u2014it clearly does. Nor does it mean that CRE demand will stay stable. But it certainly changes the dynamics of the overall asset class. And it also alters the way investors need to think about and account for CRE demand. We wouldn\u2019t call this a new era because this change occurred gradually over time. But the world of CRE today differs notably from the past.<\/p>\n\n\n\n<p><em>Ryan Severino is the chief economist &amp; head of research at BGO, where he is responsible for global and regional economic research, analysis and forecasting as well as property market research, insights and forecasting. Additionally, he is an adjunct professor at Columbia University and New York University. Severino holds a master\u2019s degree from Columbia University, a bachelor\u2019s degree from Georgetown University, and is a CFA charterholder.<\/em><\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-background\" style=\"background-color:#16a19a33\"><em><a href=\"https:\/\/www.mydigitalpublication.com\/publication\/?i=861812\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Read the March 2026 issue of CPE.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The drivers are shifting and investors should take heed, writes economist Ryan Severino.   <\/p>\n","protected":false},"author":3490,"featured_media":1004789823,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,37752,51037],"tags":[],"class_list":["post-1004789817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-research-center-economy-ecommerce","category-trends"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Evolution of CRE Demand - Commercial Property Executive<\/title>\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-evolution-of-cre-demand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Evolution of CRE Demand\" \/>\n<meta property=\"og:description\" content=\"The drivers are shifting and investors should take heed, writes economist Ryan Severino.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/the-evolution-of-cre-demand\/\" \/>\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=\"2026-03-04T14:18:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-26T13:55:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/AdobeStock_1654068096.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ryan Severino\" \/>\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-evolution-of-cre-demand\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/the-evolution-of-cre-demand\/\",\"name\":\"The Evolution of CRE Demand - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-evolution-of-cre-demand\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-evolution-of-cre-demand\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/AdobeStock_1654068096.jpeg\",\"datePublished\":\"2026-03-04T14:18:17+00:00\",\"dateModified\":\"2026-03-26T13:55:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/60932f75a12b46d735eed8bec9556535\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-evolution-of-cre-demand\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/the-evolution-of-cre-demand\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-evolution-of-cre-demand\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/AdobeStock_1654068096.jpeg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/AdobeStock_1654068096.jpeg\",\"width\":1200,\"height\":900,\"caption\":\"Editor's Note. 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