Deloitte’s Jonathan Keith Says CRE Investors Should Remain Nimble as M&A Conditions Shift

Jonathan Keith, managing director at Deloitte & Touche LLP, joined the REIT Report podcast to discuss how, as commercial real estate M&A activity evolves, investors must remain agile and informed. By understanding market trends, focusing on sector-specific opportunities, and considering geographical dynamics, stakeholders can position themselves for success, he said.“It's tough to anticipate what's going to happen with interest rates. It's tough to anticipate what's going to happen geopolitically. But if you have access to capital and have your strategy in place, you can be nimble and pounce at the right time to make a deal when the right factors line up,” Keith said.Keith noted that in 2025, global commercial real estate M&A deal value fell 57% year-on-year as volume count dropped over 70%, with deals in the United States averaging about $300 million. For 2026, caution remains, with activity centered on sectors including data centers, multifamily, and industrial.Chapters00:18 Welcome And Guest Intro00:40 2025 Deal Activity Recap01:20 2026 Outlook And Hot Sectors02:03 Data Centers Power And Deal Structures03:44 Where Data Centers Are Growing04:29 Office Sector Winners And Losers05:50 Residential Markets By Region07:37 Single Family Rentals Policy Watch08:47 Platform Consolidation And Vertical Integration10:04 How Investors Can Prepare10:59 Office To Residential Conversion Wrap Up