The Real Estate Roundtable (RER) is pleased to share our 2026 Annual Report: A Framework for Growth: Advancing Smart Policy for Tomorrow’s Living and Working Spaces, highlighting RER’s advocacy over the past year and priorities for strengthening investment, expanding housing supply, ensuring affordable and reliable energy, enhancing homeland security, and supporting economic growth. (Full Report)

Roundtable Leadership

• This year’s report details how RER’s engagement helped preserve and enhance critical real estate tax rules, eliminate a proposed seven-year forced-sale requirement for certain rental housing, protect ENERGY STAR, shape financial regulatory proposals affecting commercial real estate, and much more. (Introduction)

• It also underscores the industry’s role in supporting jobs, local tax bases, and retirement security. “Commercial and multifamily real estate remain bedrock pillars of the American economy, directly contributing to job creation, local tax bases, and retirement security,” the report states.

• The report recognizes Kathleen McCarthy Baldwin’s leadership as chair, including expanded member outreach through Roundtable on the Road, deeper participation across policy committees, and strengthened communications.

• As Owen Thomas, RER Chair and Chairman and CEO of BXP, begins his tenure, RER will build on this foundation through continued outreach and direct engagement with members across the country, ensuring its advocacy reflects regional conditions and the real-world impact of federal policy decisions.

• “In an era marked by shifting capital liquidity, rising electricity demand, rapid growth of artificial intelligence (AI) and data centers, evolving energy mandates, and a critical shortage of affordable housing, passive policy adaptation is not an option,” said Jeffrey DeBoer, RER President and CEO. (Read Intro)

Explore the 2026 Report

RER’s FY2026 Annual Report details the organization's mission and recent activities, and offers potential policy solutions to today's pressing and far-reaching industry challenges, including:

• Tax Policy

• Capital & Credit

• Energy

• Infrastructure, Housing & Cities

• Homeland Security

The publication also includes:

Printed copies of the Annual Report are currently being mailed to members. If you would like additional copies, please email agrenadier@rer.org

The Real Estate Roundtable (RER) led a broad coalition of organizations representing real estate, consumer products, manufacturing, retail, technology, and energy efficiency advocates in a letter to congressional appropriators Thursday, urging Congress to provide FY 2027 funding for ENERGY STAR directly to the Department of Energy (DOE) as it assumes leadership of the program from the Environmental Protection Agency (EPA). (Coalition Letter, Oct. 29)

Coalition Advocacy

• Federal funding is currently set to expire on December 11. When Congress reconvenes after the midterms, it is expected to consider FY’27 spending legislation through this coming Sept. 30.

• The coalition urged Congress to continue directed FY’27 appropriations for ENERGY STAR, specifically requesting that program dollars be provided to DOE to align federal funding with the agencies’ new responsibilities.

• The issue attracts support across the ideological spectrum. In addition to major real estate organizations, signatories range from the American Gas Association and the National Association of Manufacturers, to the U.S. Green Building Council, to the national association representing all state energy offices.

• The letter emphasized that appropriating funds directly to DOE would strengthen congressional oversight, ensure that expenditures reflect DOE’s lead implementation role, and stabilize the program’s continuity during the transition period.

• The coalition called for at least $33 million in FY’27 funding, consistent with the amount appropriated last year.  (Bill text (page 85) | Roundtable Weekly, Jan. 9)

ENERGY STAR Transition to DOE

• In August, DOE and EPA released a transition plan outlining how DOE will assume leadership and core operations of ENERGY STAR, with the transition expected to be completed by July 2027. (Roundtable Weekly, Sept. 11)

• DOE’s Office of Critical Minerals and Energy Innovation (CMEI) will oversee the program, including its information technology portfolio, Portfolio Manager, and related datasets. (Roundtable Weekly, March 6 | Roundtable Weekly, Sept. 11)

Why It Matters

• ENERGY STAR has helped American families and businesses save more than $500 billion in energy costs since 1992. The coalition emphasized that the voluntary public-private partnership supports energy affordability, competitiveness, and broader national energy objectives. (Coalition Letter, Oct. 29)

• RER and its coalition partners have consistently advocated for preserving ENERGY STAR as a voluntary federal program, supporting DOE’s new leadership role and urging Congress to maintain adequate funding and oversight. (Roundtable Weekly, April 17 | Roundtable Weekly, April 3)

RER and our coalition partners will rally congressional appropriators to include ENERGY STAR funding in FY’27 spending legislation considered during the upcoming lame duck session.

The Federal Reserve held its benchmark interest rate steady at 3.75–4 percent on Wednesday, pausing after September's quarter-point increase as policymakers assess persistent inflation and economic conditions. Two officials dissented in favor of another rate hike, underscoring continued pressure to tighten monetary policy. (Federal Reserve, Oct. 28 | The Wall Street Journal, Oct. 29)

State of Play

• The Federal Open Market Committee (FOMC) voted 10–2 to maintain the current target range, with Federal Reserve Governor Lisa Cook and Cleveland Fed President Beth Hammack favoring a 25-basis-point increase. The decision follows September's unanimous vote to raise rates for the first time since 2023. (Federal Reserve, Oct. 28 | Federal Reserve, Sept. 16)

• The Fed characterized economic activity as “expanding at a strong pace,” supported by resilient consumer spending, strong productivity growth, and robust capital investment.

• Inflation remains elevated, and policymakers emphasized the importance of additional economic data in determining the appropriate policy stance. (Federal Reserve, Oct. 28)

• The October decision leaves open the possibility of another rate increase before year-end as the Fed continues working toward its 2 percent inflation target. (Federal Reserve)

Why It Matters

• Elevated interest rates continue to weigh on commercial real estate (CRE) borrowing costs, refinancing activity, and investment. Continued inflation pressures and elevated Treasury yields can increase financing costs for property owners and developers.

• Nearly $983 billion in U.S. CRE mortgages are estimated to mature in 2027, underscoring the importance of accessible financing as borrowers face higher debt service costs and potentially more challenging refinancing conditions. (RER Policy Priorities, Capital & Credit)

• The rapid buildout of artificial intelligence (AI) data centers is adding complexity to the Fed’s inflation outlook. Data center investment is supporting economic growth while straining electricity supply and construction capacity. (Politico, Oct. 28)

• Higher rates could weigh on housing and other interest-sensitive sectors without substantially slowing spending by well-capitalized technology companies. (Politico, Oct. 28)

The FOMC's final scheduled policy meeting of 2026 will take place Dec. 8–9, when officials will release an updated Summary of Economic Projections.