US commercial real estate investment sales - property sectors

Key highlights

• Thirteen of fifteen subsectors saw quarterly increases in median price per square foot, led by automotive (+25.4%), limited service hotels (+17.2%), and medical office (+15.1%)

• On an annual basis, median price per square foot rose by double digits in 12 of 15 subsectors, the strongest gains came from bars and restaurants (+42.2%), automotive (+36.6%), and storage (+27.3%), while hospitality saw the slowest growth, with limited service hotels up just 8.1% and full-service hotels up 4.9% year-over-year

• Manufacturing was the only subsector to post declines in median price per square foot on both a quarterly (-3.3%) and annual (-14.6%) basis

• The average number of properties transacted per day in Q2 2025 increased across all property types, when compared to Q1 2025, however, all sectors remained at or below the pre-pandemic historical average (2015-19)

• The median building size of transacted properties increased across all sectors on a quarterly basis except hospitality, which declined 9.3%, the office and commercial general sectors led the way with 6.8% and 8.9% increases, respectively, in median square footage traded

• The median value of single-property transactions rose both quarterly and annually across all sectors except hospitality, which declined 4.5% quarter-over-quarter and 0.6% year-over-year

• The median value of office deals rose nearly 30% compared to Q2 2024, while the median value of multifamily deals increased 25%, helping drive sharp annual gains in sector-level dollar volume despite declines in the number of properties transacted