Altus Group releases Q2 2025 U.S. Investment & Transactions quarterly report

In Q2 2025, the U.S. commercial real estate market recorded $115 billion in dollar value transacted*, up 3.8% compared to $110.8 billion in Q2 2024, led by strong gains in multifamily and office transactions. The increase reflects growing confidence in larger transactions as decision making accelerated in Q2. The number of properties transacted nationally decreased by 7.4% compared to Q2 2024; however, office and industrial sectors outperformed the national figure on an annual basis.

“In Q2 we saw strong gains in multifamily and office transactions, which together accounted for nearly half of all transaction volume in the quarter,” said Cole Perry, Associate Director of Research at Altus Group. “On a quarterly basis, 13 of 15 property subtypes saw increases in median price-per-square foot, and on an annual basis, median price-per-square foot rose 13.9%.”

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 broader view of the market capturing single-asset transactions exceeding $100,000 in sale value.

To access the full Q2 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 July 15, 2025 and transactions recorded through June 30, 2025 (the close of Q2 2025). Not all transactions for Q2 2025 were available as of July 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.