U.S. commercial real estate is entering a transitional phase after several years of volatility, with capital flows beginning to normalize as financing conditions stabilize and pricing resets create new investment opportunities, according to a Q4 report on U.S. Capital Markets from Colliers. 

Keller Augusta is seeing this translate to the recruitment and hiring arena, even despite some uneven private sector employment figures. Firms are preparing to tackle myriad market opportunities, which has created relatively strong demand for professionals across the capital markets spectrum, from capital raising to debt origination; much of this has been driven by the impressive expansion of private credit.

“In recent years, there have been more [recruitment] searches in the credit space than previously, due to market conditions,” said Keller Augusta Senior Director Lauren Hodgetts. “Many groups raised credit funds to plug holes in capital stacks; some of them have not been in the space before, while others are expanding, and some used to only do subordinate debt originations and are now doing senior loans. Getting returns on equity has been more challenging. There is certainly ongoing interest for debt originators.” 

Hodgetts said the second half of 2025 featured a pickup in interest for candidates in equity-focused roles, adding that the need has continued into 2026 as firms eye ways to honor fund timelines by putting sidelined equity capital to work over the next 18 months. This is partly driven by improvements in fundamentals, as well as sellers coming to terms with the market and lenders pushing distressed properties through the system rather than continuing to modify and extend loans on trouble assets; it’s leading to more transaction activity, where another party can step in, reset the basis of the investment and tackle a new business plan.

At the macro level, the cost and availability of capital are generally improving. The Federal Reserve began its campaign to cut rates in late 2024, signaling a shift in confidence over the outlook for the U.S. economy, though the horizon for further easing remains uncertain. This has helped re-open lending markets. Banks are reemerging in the real estate lending space in a meaningful way, CMBS issuance remains strong, and fundraising for private real estate vehicles has rebounded to one of the highest levels on record.

These developments are narrowing the bid–ask spread between buyers and sellers and encouraging investors to re-enter the market after a prolonged period of price discovery, according to Colliers research.

Another key driver of capital deployment is the “reset” in property pricing following the sharp increase in interest rates that began in 2022. Many investors now see an opportunity to acquire assets at a lower cost basis relative to the peak valuations of 2021-2022, while expecting income growth in the coming cycle. As confidence improves, Colliers expects investment sales volume to increase by roughly 15-20 percent in 2026 as timid or subdued capital begins to reengage.

Debt shops are looking for originators, underwriters, and credit closing specialists, as well as relationship managers and professionals who can seamlessly step into capital raising or investor relations roles, according to Hodgetts. There’s also still a need for asset managers overseeing debt and equity portfolios to ensure continued performance or stability.

Hodgetts said Keller Augusta works to “understand the opportunity as well as why” a respective firm is engaging in a search for capital markets professionals. “Is it an opportunity with stability, where the candidate is going to be seen and have a seat at the table to drive strategy? A sense of security is a big draw for people,” she added. “Coming out of a season where people were going back for rescue capital, that has created some fatigue, even if their own firm is rounding the corner; some feel they need a fresh, clean start in a place that’s poised to deploy into the market.”

Capital flows, though, are not evenly distributed across property types, as investors are concentrating money in sectors with supply constraints or those that display a clearer path for income growth. 

Overall, the Colliers report suggests that CRE capital markets are moving from a period of relative paralysis toward selective reactivation. Debt markets are becoming increasingly competitive, institutional investors are redeploying capital, and pricing has begun to stabilize. 

As these trends continue, the demand for professionals skilled in structuring deals, sourcing capital, and navigating complex financing environments is likely to increase. It’s important for participants in the capital markets arena to be aligned on compensation and set clear goals and expectations for the experience levels of candidates they’re seeking, as well as their budget for hiring. 

Keller Augusta’s Lauren Hodgetts works with clients to conduct searches for a variety of commercial real estate capital markets roles. Contact her today to bolster your organization.