Howard Grossman is quoted in a Law360 article discussing the results of Cozen O’Connor’s 2026 Real Estate Market Pulse Survey. The survey found that U.S. investment volume increased nearly 20% year over year in the first quarter, reaching $117.3 billion. Growth was driven primarily by a rebound in the office and hotel sectors, along with continued strength in industrial and logistics assets. However, the recovery was uneven, as investment in multifamily properties and data centers declined.

“Rising construction costs, along with persistently high inflation that isn't showing signs of easing, are creating conditions allowing for large development and little else. That makes it very difficult to make the numbers work unless you're planning a mega-scale project in New York or Miami or San Francisco, where demand is significant,” said Howard.

Most survey respondents reported interest rate volatility has delayed deals or reduced investment activity, and more than 70% pointed to a pricing gap between buyers and sellers, with many still holding out for valuations set during the lower-rate environment of 2021 and 2022. “This is all about the interest rate disruption, I believe, as opposed to asset quality or segment quality. It's going to be very interesting to see if the next year brings a little more rationality to the market,” he added.

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