Commercial real estate brokers brace for expected 2026 M&A wave
Commercial real estate firms are positioning for a surge of advisory work as analysts and dealmakers forecast a wave of corporate mergers and acquisitions in 2026 that could reshape office footprints and logistics networks across the United States.
Bankers and investors say a combination of a lighter regulatory touch from the Trump administration, increased private equity activity and tax cuts that leave companies with more cash could make 2026 a banner year for M&A.
“The dynamics of the policy changes that have occurred in the last year-plus since the Trump administration are certainly changing how organizations look at the viability of acquisition targets,” said Cheryl Carron, chief operating officer of Work Dynamics Americas at JLL.
CRE teams from large brokerages and service firms often embed with clients for years before and after a deal, helping to manage cultural integrations, redesign workspaces and shrink combined real estate portfolios. The buzzy expected merger of Warner Bros. with either Netflix or Paramount is among the most talked-about possibilities, but dealmaking has been active for months.
American M&A activity was up 45% last year, including deals such as the $2.4B merger of Foot Locker and Dick’s Sporting Goods, with megadeals over $10B up 74%. So far this year, Eli Lilly has announced a planned $1.2B acquisition of fellow drugmaker Ventyx, and discount carrier Allegiant Airlines said it wants to buy Sun Country.
Last year saw a record number of $30B-plus tie-ups, and Bloomberg expects more of the same across media, energy, finance and healthcare in 2026, with banks “willing to bankroll transformational mergers.” A recent Goldman Sachs report also predicts another strong M&A cycle this year, noting that “dream deals” are increasingly defining the global landscape as industry leaders seek new capabilities.
Technology, particularly artificial intelligence, is expected to influence both the pace and the aftermath of combinations, according to the Bloomberg and Goldman Sachs analyses. “The big elephant in the room is obviously artificial intelligence,” said John Boyd Jr., principal of The Boyd Co.
“There’s always opportunities for companies to streamline redundant office staff and real estate. AI is really changing what office space looks like.” There is no fixed formula for how much space is cut after a merger. Each combination requires fresh calculations across offices, potential retail locations, and logistics facilities and networks.
Still, most deals confront similar challenges: retaining key talent, resolving the politically fraught question of consolidating multiple headquarters, and rightsizing portfolios without violating job creation commitments tied to incentives. Merging companies typically negotiate a transition services agreement that stipulates how to carve out parts of properties and which sites are off-limits during integration.
Dispositions and repositionings generally need to move quickly. Real estate decisions should be finalized within 18 months after a deal closes or inertia sets in, Carron said, making cultural change and operational success harder to achieve. Brokers commonly structure their work in two phases, beginning with an integration management office that coordinates legal, technological, workforce and real estate issues during due diligence.
If the anticipated wave of 2026 mergers materializes, those teams expect a rush of integration planning followed by portfolio consolidation on tight timelines.