Insight Future Outlook of the Real Estate Cycle

US commercial real estate investment trends and transaction volume

Executive summary


Sourced from the Q3 2024 US CRE Investment and Transaction Quarterly report, the following charts provide an overview of transaction activity, highlighting the volume of single-property, non-distressed commercial sales exceeding $100,000.

The findings are based on national aggregates, which have been adjusted to account for typical data infill after the end of the reporting quarter, reflecting a more accurate representation of commercial real estate activity.

The metrics employed in this section include the count of transactions (#), the total dollar volume transacted ($), and the square footage transacted (SF). Additionally, map images illustrate the geographic distribution of changes in transaction volume relative to national commeral real estate market trends.

Key highlights


  • Between Q2 and Q3 2024, aggregate national transaction activity declined by 10.0% in property count, 6.6% in transaction value, and 3.8% in square footage


  • From Q3 2023 to Q3 2024, transaction activity declined by 9.9% in property count, 9.6% in transaction value, and 11.4% in square footage.


  • Most sectors saw pronounced quarter-over-quarter declines in the number of properties transacted including multifamily (-12.3%) and office (-11.5%), however, the number of hospitality properties that transacted increased (+9.2%) over the same period


  • The aggregate value of office transactions increased significantly on a quarterly (+15.5%) and annual (+20.8%) basis

Transaction volume by quarter

Count (#)
Dollar volume ($)
Square feet
Total number of properties transacted
Share
Share this on
Send this by
Email

Source: Altus Group

Total dollar volume of properties transacted
Share
Share this on
Send this by
Email

Source: Altus Group

Total square feet of properties transacted
Share
Share this on
Send this by
Email

Source: Altus Group

Market activity comparison

The following charts compare the difference between the change in transaction volume for the 100 largest MSAs versus the change in transaction volume for the Nation.

Note: For states with non-disclosure laws (Alaska, Idaho, Kansas, Mississippi, Missouri, Montana, New Mexico, Texas, Utah, and Wyoming), recorded transactions may be delayed in appearing in the dataset; Commercial General property type is inclusive of mixed-use.

Sources: Altus Group, US Census Bureau (geographic data for states/MSAs)

Count (QoQ)
Count (YoY)
Dollar volume (QoQ)
Dollar volume (YoY)
Square feet (QoQ)
Square feet (YoY)

Explore more commercial real estate transaction activity data

Pricing and pacing

Learn more

Property sectors

Learn more

Markets

Learn more
AGL - AGL - Valuation & Advisory - Our Services

Q3 2024


US CRE Investment & Transactions Quarterly Report


Looking for the latest data on US commercial real estate transaction activity? This quarterly report is one of the industry’s earliest and most detailed insights into national and MSA-level transaction volumes, pricing, and property-sector trends.

About the authors

Cole Perry's Profile
Cole Perry

Associate Director of Research

Altus Group

Altus Research

CRE Exchange Podcast

Cole Perry is a Associate Director of Research with Altus Group's Research team. In this role, Cole delivers key insights into macroeconomics, capital markets, and the broader commercial real estate sector.

Cole boasts a rich background in Commercial Real Estate analytics with previous roles at CompStak and Brixmor Property Group. He holds dual M.S. degrees from Columbia University in Urban Planning and Real Estate Development.

Contact us
People - Omar Eltorai's Profile
Omar Eltorai

Research Director

Altus Group

Altus Research

CRE Exchange Podcast

Omar Eltorai is a Research Director at Altus Group. With more than a decade of experience in the industry in investment management and financing roles,

Omar's focus is on macro, capital and market trends affecting the US CRE market. Beyond regularly authoring articles and reports, his commentary and analysis has been featured in various media publications, including: Wall Street Journal, Globe Street, and Yahoo! Finance.

Contact us
AllPages CTA

Unlock CRE property intelligence across the United States with Reonomy

Reonomy makes it easy to source new deals and find off-market opportunities with its leading CRE property and ownership intelligence.

Sign up for a free trial
Resources

Latest insights

CRE Exchange Thumbnail

Dec 5, 2024

EP44 - Macro moves, market metrics, and tariff talk

Read more
Insight Hero Image The US cities for retail real estate investments jpg

Nov 28, 2024

The 5 US cities for retail investing that are most likely to outperform benchmarks

Read more
CRE Exchange Thumbnail

Nov 21, 2024

EP43 - US commercial real estate transaction trends - Q3 2024

Read more
Insight Hero Image Is the wellness boom reshaping global commercial real estate

Nov 20, 2024

Is the wellness boom reshaping global commercial real estate?

Read more
Insight Future Outlook of the Real Estate Cycle

Nov 19, 2024

US Commercial Property Investment & Transactions

Read more
Insight Data Integration In Commercial Real Estate

Nov 19, 2024

Q3 2024 US CRE Pricing & Transaction Trends

Read more