US commercial real estate investment and transactions quarterly

Key highlights

• Through Q4 2025, 46,395 properties transacted, up 3.9% quarter over quarter and 2.2% year over year; office (+2.9%), multifamily (+3.8%), and hospitality (+85.9%) outpaced the overall annual growth rate, while industrial rose just 1.4% and retail activity was effectively flat

• Aggregate transaction volume totaled $179.9 billion in Q4 2025, a 20.7% increase from the prior quarter and up 20.2% year over year. Industrial drove much of the annual growth, surging 54.4% to $44.9 billion (the largest single sector) accounting for just under a quarter of total activity and 29.9% of single-asset sale volume

• Multi-property (+32.2%), general commercial (+51.9%), and hospitality (+72.9%) also recorded year-over-year dollar-volume gains that exceeded the overall market increase

• For full-year 2025, 176,445 properties transacted, up 0.6% from 2024 and marking the first annual increase since 2021; total transaction volume reached $560.2 billion, a 14.4% year-over-year gain and the second consecutive annual increase

  
  

Key highlights

• The Median price per square foot for single-asset transactions increased 2.5% quarter over quarter in Q4 2025; general commercial (+4.4%), industrial (+3.9%), and retail (+2.5%) outperformed the overall market, while hospitality was the only sector to post a quarterly decline (-0.4%)

• On a year-over-year basis, median pricing rose 12.1% across all property types, led by retail (+13.4%) and multifamily (+12.4%)

• Since Q4 2019, immediately preceding the pandemic, median price per square foot has climbed 58.5%, with wide variation by sector. Industrial pricing is up 83.8% over this period, compared with a 38.2% increase for office

• In 2025, the four major property types (industrial, multifamily, office, and retail) recorded positive year-over-year price growth in every quarter for the first time since 2022, with annual median transacted price gains exceeding 10% in each quarter

Key highlights

• In Q4 2025, 12 of 15 subsectors posted quarter-over-quarter increases in median price per square foot, led by storage (+10.9%), general commercial (+6.4%), and street and strip centers (+4.5%). Full-service hotels (-0.8%), automotive (-3.1%), and anchor and other big-box retail (-5.8%) were the only subsectors to record median price declines compared to Q3 2025

• Year-over-year, 14 of 15 subsectors saw median transaction price appreciation, with storage (+32.0%) and general commercial (+16.6%) leading the gains, while manufacturing was the lone exception, with median pricing down 10.8%

• Transaction velocity in Q4 2025 remained above pandemic-era lows but still below 2015-2019 norms, on a typical day in Q4 2025, the number of assets that traded was 4.9% below the pre-pandemic trends

• Median transacted building size was largely unchanged quarter over quarter but increased across all sectors on an annual basis, led by hospitality (+6.9%), office (+4.9%), and industrial (+3.9%)

• Median deal size ($) rose by double digits across all major sectors year over year, led by multifamily (+19.9%) and office (+19.3%)

• Across the ten largest MSAs, year-over-year changes in median transacted price per square foot varied widely by market and property type; Los Angeles saw declines across all major sectors, while Chicago, Dallas, and Phoenix recorded median transacted price gains across the board, and the largest year-on-year increase occurred in Washington, D.C. retail (+39.6%), while the steepest decline was in Washington, D.C. office (-39.1%)