US commercial real estate investment and transactions quarterly

Key highlights

• Properties traded rose 6.7% QoQ but fell 1.2% YoY in Q2 2026; trailing 4-quarter volume was down 0.3%, though still up 6.0% YoY

• Dollars traded rose 11.3% QoQ and 9.4% YoY; trailing 4-quarter growth was even stronger at +2.1% and +16.3% YoY, the best YoY gain of the three metrics

• Square footage traded climbed 10.3% QoQ and 4.4% YoY; trailing 4-quarter volume was up 1.0%, and 12.0% ahead YoY

• Multifamily lost more market share than any other sector since Q1 2020: -6.4 pts in dollars, -5.8 pts in square footage, -1.1 pts in properties

• Building age is diverging by sector: Multifamily properties traded are aging fastest (+2 yrs/year), while Commercial General + Mixed Use is getting younger (-2 yrs/year)

• Deal-size mix has reversed: since Q1 2020, share shifted toward $1M-$10M deals (+4.9 pts) and away from >$10M (-3.6 pts); YoY, that trend flipped, with >$10M gaining 2.3 pts while $1M-$10M lost 1.7 pts

  
  

Key highlights

• For Q2 2026 single-property sales, median price per square foot across all types rose 8.6% year over year; industrial was the strongest sector, rising 13.2%, while Hospitality was the only sector to decline, falling 2.0%

• Office pricing rewards new construction more than any other vintage split, with 2010s-and-later properties carrying a 124.9% premium over pre-1970 buildings; the fastest year-over-year growth, however, belongs to the 1970s cohort, at 7.8%

• Multifamily breaks the usual newer-is-pricier pattern; The 1980s cohort commands the highest pricing, sitting 43.0% above the lowest-priced 2000s vintage and leaving the newest 2010s-and-later buildings out of the top spot

• Hospitality inverts the pattern entirely; Pre-1970 properties are appreciating fastest year over year, rising 21.7%, while 2010s-and-later properties are losing value, falling 9.1%. Every other sector runs the other direction, with newer buildings posting the fastest growth

• The widest new-versus-old gap of any sector belongs to Retail, where 2010s-and-later vintage properties command a 157.1% price premium over pre-1970 buildings

Key highlights

• Within the Q2 2026 single-property sales dataset, median price per square foot for the Storage subtype has been the runaway pricing winner since 2020, rising 103.6%, more than five times the gain of the weakest subtype, Limited Service hotels, which rose just 18.9%

• In Q2 2026, Manufacturing pricing rose 7.3% quarter over quarter, the strongest of any subtype, while Full Service hotel pricing fell 5.0%, the weakest

• Median deal size for Industrial has grown 81.0% since 2020, more than triple Multifamily's 23.8% increase, the smallest gain of any sector

• Hospitality led on median transacted building size, up 14.3% year over year in Q2 2026; Multifamily managed just 2.5%, trailing every other sector

• Commercial General + Mixed Use is rapidly shifting toward mega deals. Its share of transaction value in the greater-than-$10M bucket rose 24.1 percentage points year over year and 13.7 percentage points quarter over quarter, the sharpest deal-size mix shift of any sector