2025 Year in Review: Thomas Shihadeh, Marcus & Millichap

What accomplishment or milestone stood out for you or your firm in 2025? Our new exclusive inventory reached an all-time high in 2025 across New England and every major asset class, with a noticeable surge in the second half of the year. The last time we were even close to these figures was in 2022, when many owners were chasing the market down from peak 2021 pricing ahead of rising interest rates. Today, debt is becoming increasingly attractive and long-term fundamentals look strong, so I expect much of this inventory to change hands in 2026 as the spread between the bid and the ask continues to narrow.

As you look ahead to 2026, which emerging trends or shifts will shape opportunities for you, your firm, or your market sector? In multifamily, we’re watching rent control, which is back on the 2026 ballot and could reshape the investment landscape. In industrial, a glut of available space still needs to be absorbed for investors to get a clearer handle on pricing as owners work to achieve target rents post-stabilization. In single-tenant retail, pricing has reset and many investment-grade opportunities are selling around a 6.0% cap rate, a notable shift from 2021 and 2022. In multi-tenant retail, we see some of the most attractive risk-adjusted returns given low vacancy and limited development expected across Boston metro. Lastly, office is in. Vacancy has ticked down, people are returning, and pricing has reset so much that it is simply too cheap to ignore.