📉 CRE Turns “Cheap” Relative to Stocks for the First Time in 20 Years 📈

Bill Rapp, CRE Broker

Published on: 02/03/2026

CRE Turns “Cheap” Relative to Stocks — What It Means for Investors in 2026 For the first time in roughly two decades, U.S. commercial real estate (CRE) is trading at a relative discount to public equities. That’s not a headline designed to excite — it’s a statistical observation based on cap rate spreads versus equity price-to-earnings ratios.