The Southwest CRE market is sending mixed signals—and the latest Q2 data reveals where the real opportunities may be. SVN’s Q2 2026 Southwest Region Perspective takes a closer look at 11 major markets, from Los Angeles and San Diego to Phoenix, Denver, Houston, and San Antonio, uncovering shifting conditions across office, multifamily, retail, and industrial. With 293 regional closed deals totaling $167 million and 627 listings representing $628 million in sales value, the region continues to show meaningful activity even as individual markets move at different speeds.
So, where is momentum building, and where are challenges creating potential opportunities? The Q2 report examines how the Southwest CRE market is shifting across major metros, including investment conditions, major developments, and the Southwest Distress Tracker.
What the Southwest CRE Market Shows in Q2 2026:
Across the Southwest, commercial real estate conditions continue to vary significantly by market and property type. Office fundamentals remain challenging in several metros as tenants favor higher-quality space, while limited new retail supply is helping support fundamentals in many markets. Industrial conditions are also adjusting following several years of rapid expansion, creating a more selective environment for owners, investors, and tenants.
Regional transaction activity remains meaningful. SVN offices across the Southwest reported 293 closed deals totaling $167 million, alongside 627 active listings representing approximately $628 million in sales value. The report provides market-level insight into Los Angeles, Orange County, Inland Empire, San Diego, Las Vegas, Phoenix, Denver, Albuquerque, Houston, and San Antonio.
The full Q2 2026 Southwest Region Perspective below explores office, multifamily, retail, and industrial conditions alongside major developments and the Southwest Distress Tracker, helping investors, owners, tenants, and CRE professionals identify where conditions are changing and where opportunities may be emerging.