Altus Group releases Q1 2025 U.S. Investment & Transactions Quarterly report

In Q1 2025, the U.S. commercial real estate market recorded $69.3 billion in dollar value transacted*, compared to $89.2 billion in Q4 2024 and $85.5 billion in Q1 2024. The number of properties transacted was also down, though above the pandemic-era lows for all property types. On an aggregated national basis, transaction activity in Q1 2025 remained muted across the following key metrics:

“Despite a generally subdued market, Q1 transaction activity showed areas of strength with prices edging higher and multifamily and office drawing more capital than a year earlier,” said Cole Perry, Associate Director of Research at Altus Group. “Twelve of the fifteen property subsectors posted quarter-over-quarter increases in price per square foot, led by consumer-facing categories such as big box retail, limited-service hotels and full-service hotels.”

Altus Group’s transaction data analysis stands out from other industry reports by covering a broader range of transaction activity and segmenting the data at a very granular level. This quarterly report offers a comprehensive overview of national commercial sale transactions across major property sectors, focusing on transaction volume, pricing, and pacing, with further insights by property subtype and at the metropolitan statistical area (MSA) level. While other reports tend to focus on large transactions, this report takes a more holistic view of the market capturing single-asset transactions exceeding $100,000 in sale value.

To access the full Q1 2025 U.S. Investment & Transactions Quarterly Report, please click here.

*Note: Property and transaction-level data are sourced from Altus Group’s Reonomy product, with data pulled on April 15, 2025 and transactions recorded through March 31, 2025 (the close of Q1 2025). Not all transactions for Q1 2025 were available as of April 15, 2025, so estimates were made to reflect national transaction activity. For information about the data contained in the report and methodology, please see the full report.