Berkshire Global: Real estate M&A sees a temporary changing of the guard

May 6, 2026 - 02:57

A new wave of buyers is filling the gap in real estate mergers and acquisitions as major publicly traded investment firms step back from the action. Drew Murphy, a partner and head of the private markets advisory practice at Berkshire Global Advisors, noted that non-alternative asset buyers are now moving into the space. These players are taking advantage of a moment when the usual heavyweights are catching their breath.

The change is not permanent, Murphy explained. Large institutional investors have been pulling back due to market uncertainty and pressure to manage their existing portfolios. This has opened the door for a different kind of buyer. These non-alts buyers include family offices, private operating companies, and smaller funds that are not tied to the same public market pressures. They are finding opportunities in a market where pricing has become more realistic and competition has thinned out.

Murphy described this as a temporary changing of the guard. The traditional leaders in real estate M&A are expected to return once interest rate expectations stabilize and the deal environment becomes more predictable. For now, the newcomers are providing much-needed liquidity and keeping the market active. Their willingness to act quickly and with less leverage is reshaping how deals get done in this cycle.