A new 2026 annual report from building intelligence firm Gordian says deferred campus renewal is at its highest level in years, with institutions facing budget pressures and rising underinvestment in building systems. The report estimates deferred capital renewal reached $156 per gross square foot in 2025, an 8% year-over-year increase and nearly double 2007 levels. Spending on existing buildings is at 73.5% of what Gordian says is required to prevent the backlog from growing further, reinforcing the risk of a “self-feeding negative cycle” as deferred maintenance increases future costs and potential liabilities. The report also notes slower campus growth and a multi-year slowdown in new building construction. Gordian frames the issue as structural underinvestment colliding with accelerating institutional change, pointing to an embedded “embodied debt obligation” in facilities that can become a future financial strain.