BGO’s latest global outlook argues that the commercial real estate recovery is “arriving out of order,” with improving fundamentals, declining construction and adapting capital markets leading the cycle before meaningful long-term interest-rate relief. In the 3Q 2026 Global Outlook and House Views, BGO highlights selective opportunities in supply-constrained industrial and logistics, housing, necessity retail, powered data centres, high-quality office, CRE credit and recapitalizations—while emphasizing disciplined underwriting based on current financing conditions.