Europe’s commercial real estate transaction market was muted in the third quarter as economic uncertainty prevented momentum to build in investment flows, MSCI’s latest quarterly Europe Capital Trends report showed.
A total of €45.6 billion ($52.8 billion) of transactions completed in third quarter 2025, a 3 percent decline from the same quarter in 2024. The number of transactions that completed during the quarter was the lowest since 2013. Investment activity for the first nine months was little changed from a year earlier at €146.9 billion ($170 billion).
“Quarterly investment volumes have broadly settled in the same range since the start of 2023, as liquidity has been constrained by pricing uncertainty, legacy portfolio issues for some of Europe’s largest investment managers and the structural weaknesses affecting some property sectors, particularly offices. The rapidly changing policy stances of the U.S. administration have added another lay
