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Cover of the U.S. Immigration Slowdown and CRE Market Disruption white paper: A smaller inflow. An uneven impact.

U.S. Immigration Slowdown and CRE Market Disruption, 2026

  • Net international migration fell by more than half in the 2025 Census estimate year. What fewer new residents and fewer workers mean for property income and costs.
  • A 30-metro exposure screen, from Miami, New York and Los Angeles to Dallas–Fort Worth and Houston.
  • Three scenarios through 2028, and the indicators that tell them apart.
  • Five underwriting tests: population growth, leasing, supply, labor and financing.

Get the full paper.

PDF · 24 pages · September 9, 2026

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