Q2 2025
US commercial real estate investment trends and transaction volume
Discover key insights from Altus Group's Q2 2025 US CRE Investment & Transactions report. Explore trends in commercial real estate transactions, pricing, and market activity across US property sectors.
Key highlights
Aggregate transaction volume totaled $115 billion in Q2 2025, up 3.8% from Q2 2024, largely driven by strong gains in multifamily (+39.5% from Q2 2024) and office (+11.8% from Q2 2024), which together accounted for 44.1% of all transaction volume in the quarter
Through Q2 2025, 41,463 properties transacted, representing a 7.4% decline from Q2 2024, the year-on-year drop was not evenly distributed across sectors, with the number of traded multifamily properties falling 9.2% and the number of traded office properties declining 5.2%
Nearly all major coastal metros outperformed national trends on an annual basis, though New York and San Francisco were notable exceptions, underperforming by up to 10% relative to the national change
Methodology
Sourced from the Q2 2025 US CRE Investment and Transaction Quarterly report, the following charts provide an overview of transaction activity, highlighting the volume of single-property, non-distressed commercial sales exceeding $100,000, and multi-property transactions exceeding $300,000.
The findings are based on national aggregates, which have been adjusted to account for typical data infill after the end of the reporting quarter, reflecting a more accurate representation of commercial real estate activity.
The metrics employed in this section include the count of transactions (#), and the total dollar volume transacted ($). Additionally, map images illustrate the geographic distribution of changes in transaction volume relative to national commercial real estate market trends.
Special note: Given that multi-property transactions generally do not allocate the price paid to each individual property transacted, many of the pricing and pacing measures are based only on the smaller subset of single-property transaction data, often with additional criteria specific to the transaction or property.
Transaction volume by quarter
Total number of properties transacted
Source: Altus Group, Q2 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Total dollar volume of properties transacted
Source: Altus Group, Q2 2025 US Commercial Real Estate Investment and Transactions Quarterly report
Market activity comparison
The following charts compare the difference between the change in transaction volume for the 100 largest MSAs versus the change in transaction volume for the Nation.
Note: For states with non-disclosure laws (Alaska, Idaho, Kansas, Mississippi, Missouri, Montana, New Mexico, Texas, Utah, and Wyoming), recorded transactions may be delayed in appearing in the dataset; Commercial General property type is inclusive of mixed-use.
Sources: Altus Group, US Census Bureau (geographic data for states/MSAs)
Explore more commercial real estate transaction activity data
Pricing and pacing
Property sectors
Q2 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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