560 billion reasons the US CRE market is finding its footing
25 Feb 2026
The CRE transaction market posted its first annual property count increase since 2021, industrial dollar volume surged 54%, and office may finally be finding a floor. In this episode of CRE Exchange, hosts Omar Eltorai and Cole Perry break down Q4 and full-year 2025 transaction data, pricing trends across major sectors and MSAs, and what the numbers say about where the market is heading. Featuring a special conversation with Phil Tily, Alex Jaffe, and Mike Amthor from Altus Group's advisory practice on valuation and performance trends across the ODCE Index.
Resources mentioned:
Q4 2025 US CRE Investment and Transactions quarterly report
Altus' Q4 valuation and performance trends analysis of the NCREIF ODCE Index
Chapters
01:28 Key stat of the day and macro backdrop
05:50 Q4 and full year transactions
09:12 Velocity and pricing trends
12:36 Subsector and deal size comparisons
14:13 Geographic winners and losers
19:15 Biggest surprises in 2025
21:48 Sector shockers: retail, industrial, office
27:21 ODCE data and Q4 returns
31:46 Apartments trends and outlook
35:20 Industrial markets and SoCal repricing
40:56 Office stabilization and green Shoots
46:58 Retail resilience and mark-to-market
This week's guests
Phil Tily
Senior Vice President, Performance Analytics
Mike Amthor
Director, Performance Analytics
Alexander Jaffe
Strategic Client Partner, Senior Director
Your hosts
Omar Eltorai
Senior Director of Research
Altus Group
Cole Perry
Associate Director of Research
Altus Group
Resources
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Disclaimer
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