Commercial real estate dealmaking has become more selective and more concentrated, with capital flowing to a narrower set of opportunities. Vaibhav Gujral, senior partner at McKinsey & Co., says that while overall deal volume has remained relatively stable, average transaction sizes have increased and investors are being much more deliberate about the deals they pursue. Gujral co-wrote the firm’s report, Real Estate Builds on New Terrain, which concluded real estate deal values rose 10 percent in 2025, reaching $842 bi
