Q1 2025
US commercial real estate investment sales - property sectors
Discover Q1 2025 US commercial real estate trends by property sector. Explore transaction volumes, pricing metrics, and performance insights across multifamily, office, retail, industrial and more, powered by Altus Group and Reonomy.
Key highlights
8 of 15 subsectors saw quarter-over-quarter price growth on a per square foot basis, lead by full-service hotels (+7.1%), bars and restaurants (+5.9%), and general office (+5.5%)
Hospitality, multifamily, office, and retail sectors all experienced year over year increases in average price per square foot, while commercial general plus mixed use and industrial saw declines, yet 12 of the 15 subsectors still recorded positive average price growth per square foot in Q1 2025
The average number of properties transacted on a given day during Q4 2024 sat just above pandemic-era lows for all property types, with the measure ticking down quarter-over-quarter for all property types
Year-over-year, the median square footage of an individual transacted property increased for industrial (+5.1%) and office (+0.9%), but fell for retail (-0.6%), multifamily (-1.4%), hospitality (-4.3%) and commercial general + mixed use (-8.9%)
The median value of a single-property transaction increased year-over-year for all sectors, led by office (+25.2%), industrial (+14.1%), and retail (+8.8%)
Just over one in six industrial properties (16.7%) transacted during Q1 2025 were part of a multi-property sale, down 410 bps from Q4 2024 and down 330 bps from Q1 2024
The share of hospitality properties transacted as part of a multi-property sale fell nearly 8 percentage points quarter-over-quarter to 5.5%, the lowest share since 2014
Methodology
Sourced from the Q1 2025 US CRE Investment and Transaction Quarterly report, the following charts provide insights into transaction activity and pricing metrics across individual property sectors.
Price trends are illustrated using a rolling 90-day average of 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, average daily figures indicate the average count, and dollar value of transactions occurring on a given 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.
Metrics by property sector subtype
Note: “Median” figures represent the typical amount transacted on a given day per quarter; Pricing represents the raw average of transacted price per square foot per quarter.
Pricing by subtype ($/SF)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size ($)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size (SF)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Pricing by subtype ($/SF)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size ($)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size (SF)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Pricing by subtype ($/SF)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size ($)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size (SF)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Pricing by subtype ($/SF)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size ($)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size (SF)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Pricing by subtype ($/SF)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size ($)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size (SF)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Pricing by subtype ($/SF)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size ($)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Median transaction size (SF)
Source: Altus Group, Q1 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Property sector pricing by major MSAs
Sourced from the Q1 2025 US CRE Investment and Transaction Quarterly report, the following sortable table provides pricing metrics across ten major metropolitan statistical areas (MSAs).
Explore more commercial real estate transaction activity data
National activity
Pricing and pacing
Q1 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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