Q3 surprise: Confirmations of a CRE turnaround?
20 Nov 2025
Our hosts, Omar Eltorai and Cole Perry, unpack an unexpectedly strong Q3 2025, one that defied seasonal norms and signaled potential momentum building across US commercial real estate. They break down what drove transaction growth, why large deals may have returned, and how pricing trends varied across sectors and major metros. Tune into this data-rich recap for valuable context heading into year-end.
Resources mentioned:
Q3 2025 US CRE investment and transactions quarterly report
Key moments
00:50 Overview of Q3 2025 and market environment
01:28 Macroeconomic trends and Federal Reserve actions
04:44 Credit and equity market performance
09:13 US CRE investment and transaction market in Q3
11:54 Detailed analysis of CRE pricing and pacing trends
20:20 Geographic differences in CRE market performance
25:46 Surprising trends and insights from Q3 data
Your hosts
Omar Eltorai
Senior Director of Research
Altus Group
Cole Perry
Associate Director of Research
Altus Group
Resources
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Disclaimer
This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice or services of Altus Group, its affiliates and its related entities (collectively “Altus Group”). You should not act upon the information contained in this publication without obtaining specific professional advice.
A number of factors may influence the performance of the commercial real estate market, including regulatory conditions and economic factors such as interest rate fluctuations, inflation, changing investor sentiment, and shifts in tenant demand or occupancy trends. We strongly recommend that you consult with a qualified professional to assess how these and other market dynamics may impact your investment strategy, underwriting assumptions, asset valuations, and overall portfolio performance.
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