U.S. commercial real estate transaction activity strengthened in 2025, with 176,445 properties trading for a total of $560.2 billion, marking a 14.4 percent increase in dollar volume and the first rise in transaction count since 2021, according to Altus Group. In fourth quarter 2025 alone, volume reached $179.9 billion, up 20.7 percent from the prior quarter and 20.2 percent year over year, while 46,395 properties changed hands. Industrial led investment activity, with transaction volume jumping 54.4 percent year over year to $44.9 billion, making it the largest sector by dollar volume. Hospitality saw the fastest growth in property transactions, rising 85.9 percent annually, while multifamily and office also posted gains. Retail activity remained flat and industrial property sales increased more modestly despite its strong dollar-volume growth.
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