Q3 2025
US commercial real estate investment and transactions quarterly
Discover key insights from Altus Group's Q3 2025 US CRE Investment & Transactions Quarterly report. Explore trends in commercial real estate transactions, pricing, and market activity across US property sectors.
National transaction activity
Key highlights
Through Q3 2025, 45,893 properties transacted, marking a 12.6% increase from the prior quarter and a 6.8% gain year-over-year, the uptick was uneven across sectors, as hospitality transactions fell 11.9% annually while office sales climbed 14.6%.
Aggregate transaction volume reached $150.6 billion in Q3 2025, up 23.7% from the prior quarter and 25.1% from the prior year, the annual growth was fueled largely by multifamily, which surged 51.1% and accounted for 30% of all activity and 34% of single-asset sale dollars
Industrial (+26.5%), office (+28.0%), general commercial (+48.9%), and multifamily (+51.1%) each posted year-over-year spending gains that outpaced the overall 25.1% increase
Methodology
Sourced from the Q3 2025 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, and multi-property transactions exceeding $300,000.
The findings are based on national aggregates, which have been adjusted to account for typical data infill after the end of the reporting quarter, reflecting a more accurate representation of commercial real estate activity.
The metrics employed in this section include the count of transactions (#), and the total dollar volume transacted ($). Additionally, map images illustrate the geographic distribution of changes in transaction volume relative to national commercial real estate market trends.
Special note: Given that multi-property transactions generally do not allocate the price paid to each individual property transacted, many of the pricing and pacing measures are based only on the smaller subset of single-property transaction data, often with additional criteria specific to the transaction or property.
Transaction volume by quarter
Total number of properties transacted
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Total dollar volume of properties transacted
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
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)
Property transaction pricing and pacing
Key highlights
The median price per square foot for single-property transactions rose 2.9% quarter-over-quarter in Q3 2025, two sectors outpaced the overall figure, led by office (+4.3%) and multifamily (+3.5%)
On an annual basis, median pricing rose 14.2% across all property sectors, with the strongest gains in multifamily (+17.3%), followed by office (+14.8%) and general commercial (+13.8%)
After a slow start to the year, transaction activity rebounded sharply in Q3, the total number of single-property sales observed so far through the first three quarters of 2025 (just over 93,000) tracked between year-to-date tallies seen in 2013 (~86,000) and 2015 (~97,000)
While the cumulative dollar volume of single-property transactions in the first three quarters of 2025 ($265 billion) remained historically low, it still outpaced the same period in 2023 and 2024
Methodology
Sourced from the Q3 2025 US CRE investment and transactions quarterly report, the following charts provide an overview of national trends in the pricing and pace of commercial property transactions, allowing for comparisons over time.
Price trends are shown as median transacted price per square foot, with year-over-year and quarter-over-quarter comparisons for various property subtypes, offering insights into shifts in individual transaction values.
The pace of activity is represented through cumulative daily aggregates, tracking transaction count, and dollar volume transacted year-to-date since 2000. Together, these metrics capture the value and volume of market activity, reflecting reported transactions through Q2 2025 pulled as of July 15, 2025, without adjustments for unreported activity.
Special note: Given that multi-property transactions generally do not allocate the price paid to each individual property transacted, many of the pricing and pacing measures are based only on the smaller subset of single-property transaction data, often with additional criteria specific to the transaction or property.
Median transaction price per square foot
Property type | Q3 2025 | Q2 2025 | vs. Q2 2025 | Q3 2024 | vs. Q3 2024 |
|---|---|---|---|---|---|
Multifamily | $144 | $139 | 4% | $123 | 17% |
Industrial | $105 | $102 | 3% | $92 | 14% |
Manufacturing | $82 | $82 | 0% | $77 | 7% |
Other industrial | $101 | $97 | 4% | $85 | 18% |
Storage | $79 | $73 | 8% | $67 | 17% |
Warehouse and distribution | $111 | $109 | 2% | $99 | 13% |
Office | $135 | $133 | 2% | $117 | 15% |
Medical office | $194 | $185 | 5% | $169 | 14% |
Other office | $128 | $125 | 2% | $111 | 15% |
Retail | $134 | $132 | 2% | $119 | 13% |
Anchor + other big box | $99 | $102 | -3% | $87 | 14% |
Automotive | $143 | $136 | 5% | $119 | 19% |
Bars and restaurants | $212 | $217 | -2% | $183 | 16% |
Street and strip centers | $130 | $127 | 2% | $117 | 12% |
Hospitality | $134 | $128 | 4% | $129 | 4% |
Full service | $139 | $132 | 5% | $134 | 3% |
Limited service | $118 | $114 | 4% | $114 | 4% |
Commercial general and mixed use | $102 | $99 | 3% | $90 | 14% |
Commercial general / misc | $88 | $86 | 2% | $77 | 14% |
Mixed use | $111 | $108 | 3% | $97 | 14% |
Pricing by property sector
Asset values rose both quarterly and annually across traditional sectors in Q3 2025. The median price per square foot for single-property transactions reached a post-COVID high across every sector. Since Q4 2019, median price growth has been led by industrial (+81.6%) and multifamily (+65.9%), compared to a +56.2% increase across all single-property transactions.
Pricing since Q1 2015
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Cumulative transaction volume
After a slow start to the year, transaction activity rebounded sharply in Q3. The total number of single-property sales observed so far through the first three quarters of 2025 (just over 93,000) tracked between year-to-date tallies seen in 2013 (~86,000) and 2015 (~97,000).
Cumulative count of properties transacted
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
While the cumulative dollar volume of known single-property transactions in the first three quarters of 2025 ($265 billion) remained historically low, it still outpaced the same period in 2023 and 2024 after a strong third quarter.
Cumulative dollar volume of properties transacted
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Property sectors and subtypes
Key highlights
Thirteen of fifteen subsectors recorded a quarterly increase in median price per square foot in Q3 2025, led by storage (+7.6%), full-service hotels (+5.2%), and automotive (+5.0%). Only bars and restaurants (-2.4%) and big-box stores (-2.8%) posted declines
On an annual basis, all 15 subsectors saw price gains, led by automotive (+19.4%) and other industrial (+18.1%), hospitality posted the slowest growth, with limited-service hotels up 3.9% and full-service hotels up 3.4% year-over-year
The average number of properties transacted per day in Q3 2025 has climbed from pandemic-era lows but remains at or below 2015–2019 levels across most sectors, on a typical day, 2.1% fewer office and 12.9% fewer multifamily properties traded compared with the pre-pandemic average
Median transacted building size was largely unchanged quarter-over-quarter but grew across all sectors annually, led by office (+3.6%), multifamily (+4.1%), and hospitality (+9.9%)
The median value of individual deals rose by double digits across all sectors, led by multifamily (+27.3%), while median office deal size increased 23.8%, driving strong annual gains in sector-level dollar volume
Across the ten largest MSAs, median prices per square foot rose across nearly all major property sectors, Los Angeles was the notable outlier, with declines across sectors: office (-27.3%), retail (-21.5%), industrial (-0.6%), and multifamily (-0.4%); the largest price gain among property-type–MSA combinations was Miami office (+32.7%), while the largest decline was Washington, D.C. multifamily (-30.4%)
Methodology
Sourced from the Q3 2025 US CRE investment and transactions quarterly report, the following charts provide insights into transaction activity and pricing metrics across individual property sectors.
Price trends are illustrated using a median transacted price per square foot, with additional breakdowns by subsector, and by the 10 largest metropolitan statistical areas (MSAs) by population. Insights into the scale of activity are provided through typical transaction size, represented by the average value and square footage of reported deals.
Additionally, daily figures indicate the median dollar value of transactions occurring on a given day over a quarter, offering additional perspective on transaction volume and market velocity through time.
Metrics based on transaction volume leverage national aggregates, which are adjusted for typical data infill following the end of the reporting quarter. This adjustment enables a more accurate representation of activity, ensuring that the data captures a comprehensive view of transaction trends and sector-specific performance.
Property sector pricing by major MSAs
Sourced from the Q3 2025 US CRE Investment and Transaction Quarterly report, the following sortable table provides pricing metrics across ten major metropolitan statistical areas (MSAs).
Metrics by property sector subtype
Note: “Median” figures represent the typical amount transacted on a given day per quarter.
Median pricing by subtype ($/SF)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size ($)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size (SF)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median pricing by subtype ($/SF)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size ($)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size (SF)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median pricing by subtype ($/SF)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size ($)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size (SF)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median pricing by subtype ($/SF)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size ($)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size (SF)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median pricing by subtype ($/SF)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size ($)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size (SF)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median pricing by subtype ($/SF)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size ($)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size (SF)
Source: Altus Group, Q3 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Q3 2025
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
Associate Director of Research
Altus Group
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.
Omar Eltorai
Research Director
Altus Group
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.
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