Many industry leaders, analysts, and pundits have broadly considered how the Trump administration’s and GOP-majority Congress’ plans might affect commercial real estate.

The Deloitte Center for Financial Services focused on the question of taxes. More specifically, they looked at six key parts of the Tax Cuts and Jobs Act of 2017 (TCJA), which is set to expire by the end of this year, and the likely implications on domestic and global CRE.

The firm’s annual CRE outlook indicated that tax policies have jumped in importance from 11th place in 2024 to 5th in 2025. That seems likely with the governmental focus and the increased chance of passing tax legislation.