Commercial real estate transaction activity increased in both the fourth quarter and full year of 2025, with gains in several property sectors and a notable rise in overall dollar volume, according to Altus Group.
Through the fourth quarter 2025, 46,395 properties transacted, up 3.9 percent from the previous quarter and 2.2 percent year-over-year. Office, multifamily and hospitality sectors outpaced the overall annual growth rate, while industrial rose 1.4 percent and retail activity remained effectively flat.
Hospitality recorded the largest increase in transaction counts, rising 85.9 percent year over year. Multifamily transactions increased 3.8 percent and office activity rose 2.9 percent.
Aggregate transaction volume totaled $179.9 billion in the fourth quarter, up 20.7 percent from the prior quarter and 20.2 percent year over year.
Industrial properties drove much of the annual growth in dollar volume, increasing 54.4 percent to $44.9 billion. The se
