UK commercial property is entering 2026 in the midst of a structural realignment rather than a simple cyclical bounce. After two years of aggressive repricing that saw capital values fall by as much as 20-25% from their 2022 peak across offices and secondary retail, investors are now returning selectively — but with radically different criteria to those that dominated the previous decade. The story emerging from transactional data is not one of a broad-based recovery, but of a bifurcated market: capital is concentrating hard into logistics, data centres, purpose-built student accommodation and grade-A green offices, while secondary stock in weaker locations continues to struggle for liquidity even at deep discounts.