Howard Grossman is quoted in a Connect Money article discussing scarce equity and access to debt capital, as noted in findings from Cozen O’Connor’s 2026 Real Estate Market Pulse Survey. Ongoing interest rate uncertainty, higher financing costs, and persistent pricing gaps between buyers and sellers continue to weigh on investment activity. “We see fairly broad access to debt capital across all borrower types, and, of course, the big players have virtually unlimited access,” Howard said. “The most favored asset class for lenders continues to be industrial properties, with retail coming in a strong second.”

At the same time, refinancing pressures, market volatility, political and geopolitical uncertainty, and rising construction costs are shaping investment and development decisions. While office and hotel properties continue to face headwinds, transaction activity has begun to increase as market participants adjust to current conditions and capital gradually returns to the market.

The availability of loan extensions and restructuring options is largely determined by the strength of the sponsor and the quality of the asset. “Strong sponsors have been quite successful in extending, modifying, and restructuring, often with equity infusions,” he continued. “Weaker sponsors do not have the ability to meet these requirements.”

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