Q2 2025
US commercial real estate investment sales - pricing and pacing
Explore Q2 2025 US commercial real estate trends in pricing and pacing. Analyze transaction volumes, property values, and market performance metrics across sectors, powered by Altus Group and Reonomy.
Key highlights
The median price per square foot for transacted single properties rose 5.0% quarter-over-quarter in Q2 2025, with gains across all sectors except general commercial, which declined 2.2%. Retail led the way with a 10.0% quarterly increase
On a year-over-year basis, the median price per square foot rose 13.9% across all property sectors throughout the second quarter, annual price growth was strongest in multifamily (+18.8%), followed by retail (+18.5%), commercial general (+17.1%), office (+15.3%), and industrial (+10.4%)
The cumulative number and dollar value of known single-property transactions closely tracked with 2014 and slightly behind 2024 throughout the first half of the year
Methodology
Sourced from the Q2 2025 US CRE Investment and Transaction 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 | Q2 2025 | Q1 2025 | vs. Q1 2025 | Q2 2024 | vs. Q2 2024 |
|---|---|---|---|---|---|
Multifamily | $148 | $142 | 4% | $125 | 19% |
Industrial | $108 | $101 | 7% | $98 | 10% |
Manufacturing | $76 | $79 | -3% | $89 | -15% |
Other industrial | $101 | $97 | 4% | $93 | 9% |
Storage | $79 | $74 | 7% | $62 | 27% |
Warehouse and distribution | $114 | $108 | 6% | $104 | 10% |
Office | $137 | $132 | 3% | $118 | 15% |
Medical office | $197 | $171 | 15% | $167 | 18% |
Other office | $128 | $126 | 2% | $113 | 13% |
Retail | $141 | $128 | 10% | $119 | 18% |
Anchor + other big box | $110 | $100 | 11% | $94 | 16% |
Automotive | $151 | $120 | 25% | $101 | 37% |
Bars and restaurants | $230 | $214 | 8% | $162 | 42% |
Street and strip centers | $134 | $127 | 5% | $121 | 11% |
Hospitality | $139 | $130 | 7% | $130 | 6% |
Full service | $142 | $199 | 2% | $136 | 5% |
Limited service | $132 | $113 | 17% | $122 | 8% |
Commercial general and mixed use | $98 | $100 | -2% | $84 | 17% |
Commercial general / misc | $83 | $87 | -5% | $72 | 16% |
Mixed use | $112 | $113 | 0% | $94 | 20% |
Pricing by property sector
Asset values rose both quarterly and annually across traditional sectors in Q2 2025. The median price per square foot for single-property transactions reached a post-COVID high across every traditional sector. Since Q4 2019, median price growth has been led by industrial (+77%) and multifamily (+57%), compared to a +48% increase across all single-property transactions.
Pricing since Q1 2014
Source: Altus Group, Q2 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Cumulative transaction volume
The cumulative number of single-property transactions closely tracked with 2014 and slightly behind 2024 throughout the first half of the year.
Cumulative count of properties transacted
Source: Altus Group, Q2 2025 US Commercial Real Estate Investment and Transactions Quarterly report
The cumulative dollar volume of single-property transactions closely tracked with 2014 throughout the first half of the year.
Cumulative dollar volume of properties transacted
Source: Altus Group, Q2 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Explore more commercial real estate transaction activity data
National activity
Property sectors
Q2 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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