2026 Opportunity Zones Survey Shows OZ 2.0 Capital Lining Up For Q1 2027

The 2026 Annual Survey Report on Opportunity Zones, conducted by OpportunityZones.com, shows OZ 2.0 capital lining up for 2027, with the first quarter the most common timeframe. The fourth annual survey ran from September 9 to October 16, 2026, in the final months of OZ 1.0. The new OZ 2.0 map was still awaiting certification by the Treasury Department.

This year's survey collected responses from 247 participants, including investors, sponsors, developers, fund managers, financial advisors, government and nonprofit groups, and other industry professionals. Close to half (45%) have already invested in Opportunity Zones, and more than half of those investors (51%) have placed $1 million or more.

OpportunityZones.com founder and CEO Jimmy Atkinson is presenting the findings today at the Novogradac 2026 Fall Opportunity Zones Conference in Washington, D.C.

Click here to download the report.

The OZ 2.0 Surge Has A Date: Q1 2027

Nearly three-fifths (59%) of participants say they are likely or very likely to make an Opportunity Zone investment in 2027 under OZ 2.0, up from 53% a year ago. The undecided middle has shrunk, with "not sure" falling from 40% to 26%.

Among OZ investors, those who have already invested, nearly two-thirds (63%) expect their next OZ investment to land in 2027, including 36% in the first quarter alone. That is nearly five times as many as the 7% planning one more OZ 1.0 investment before December 31, 2026. Across all participants, January to March 2027 was the most common timeframe (30%).

The dollars are meaningful. One in three participants (33%) expect to place $1 million or more in Opportunity Zones in 2027. Among OZ investors aiming for the first quarter, more than half (56%) do. Among sponsors, developers, and fund managers, half (51%) plan to raise $5 million or more in investor equity, and one in five (20%) plan to raise $100 million or more.

"Last year's survey showed capital lining up for OZ 2.0. This year's tells us when: the first quarter of 2027," said Jimmy Atkinson, founder and CEO of OpportunityZones.com. "The December 31 deadline isn't pulling much money into one last OZ 1.0 deal. It's holding money back for January."

Rural Interest Is Broad, But Action Is Early

More than two-thirds (68%) of participants say they plan to invest in rural Opportunity Zones now that OZ 2.0 includes enhanced rural incentives. Few have acted yet. Just 5% have already committed capital to a rural deal or fund, and another 20% are actively evaluating one. The rest are interested but have nothing specific in mind.

Sponsors are moving first. Among sponsors, developers, and fund managers, 44% are already evaluating rural deals or have committed capital, compared with 16% of individual investors. Supply is forming ahead of demand.

"Everyone wants to talk about rural OZ 2.0, but most of that interest hasn't turned into deals yet," said Andy Hagans, host of OZ LIVE. "Sponsors are already lining up rural projects. Investors are still getting comfortable with them."

Investors Are Preparing For December 31

Under OZ 1.0, deferred capital gains invested in Qualified Opportunity Funds are recognized on December 31, 2026. Among OZ investors with deferred gains coming due, more than half (58%) have a year-end fair market value appraisal planned or are considering one. An appraisal can reduce the gain recognized if the investment is worth less than the original deferred gain. But one in eight (13%) did not know that was an option.

Nearly half (48%) of those investors have already set aside cash for the tax, and 31% plan to offset the gain with losses or other tax planning. Only 15% expect a distribution or refinance proceeds from their fund to cover it, and one in ten (10%) has not yet planned for it.

Some investors are looking to their sponsors for answers. As one individual investor wrote, "It would be nice to know OZ sponsors have a game plan for distributing cash to investors" before the tax comes due.

Satisfaction Depends On Who Ran The Deal

Overall satisfaction with past OZ investments fell to 56%, down from 67% a year ago and the lowest since the survey began asking in 2024. Yet the share who are very satisfied (28%) is the highest of the three years. And notably, only a small minority (6.5%) indicated they are dissatisfied.

The difference comes down to who ran the deal. Among sponsors and developers, who are largely rating projects they built themselves, 71% are satisfied or very satisfied, and none are dissatisfied. Among individual investors, most of whom invested in deals run by others, 40% are satisfied or very satisfied and 45% have mixed feelings.

As one developer put it: "I have done my own OZ deal as a developer and invested in a few deals put together by other sponsors. The other deals are looking like losers, while my own is a strong performer."

A Market Preparing To Accelerate

Taken together, the 2026 results describe a market bracing for a transition and preparing to accelerate on the other side of it.

The biggest open question is the map. In 2024, the top hesitation participants cited was uncertainty about the future of the OZ program itself. Now that OZ is permanent, the most cited concern is which census tracts will become OZ 2.0 zones. More than a quarter (28%) of participants named it, including nearly half (46%) of sponsors and developers. Another 18% are waiting for more Treasury and IRS guidance. Concern about the feasibility of doing a real estate deal in this market also rose, from 17% to 25%.

OZ 1.0 ends on December 31 with investors focused on the tax bill. OZ 2.0 begins the next day, and for many participants, the first quarter of 2027 is when their next OZ investment lands.

Download the full 2026 Opportunity Zones Survey Report to explore the complete findings, charts, and analysis.