Altus releases CRE investment report for Q2

Executive Summary

• Altus Group Ltd. released its Q2 2025 U.S. Commercial Real Estate (CRE) Investment & Transactions Quarterly Report.
• The U.S. CRE market recorded $115 billion in transaction volume for Q2 2025, representing a 3.8% increase from $110.8 billion in Q2 2024.
• The increase in volume was driven by strong gains in multifamily and office transactions, which together accounted for nearly half of all transaction volume in the quarter.

Key Details

• Total Transaction Volume: $115 billion in Q2 2025, up 3.8% year-over-year from $110.8 billion in Q2 2024.
• Transaction Count: The number of properties transacted nationally decreased by 7.4% compared to Q2 2024.
• Sector Performance:
  • Multifamily and office sectors led the gains in transaction volume.
  • Office and industrial sectors outperformed the national figure on an annual basis regarding transaction activity.
• Pricing Metrics:
  • On a quarterly basis, 13 of 15 property subtypes saw increases in median price per square foot.
  • On an annual basis, the median price per square foot rose 13.9%.
• Data Scope:
  • The report covers national commercial sale transactions across major property sectors.
  • Data is segmented by property subtype and Metropolitan Statistical Area (MSA).
  • The analysis captures single-asset transactions exceeding $100,000 in sale value.
• Data Source & Methodology:
  • Property and transaction-level data sourced from Altus Group's Reonomy product.
  • Data pulled on July 15, 2025.
  • Transactions recorded through June 30, 2025 (close of Q2 2025).
  • Estimates were made for national transaction activity as not all Q2 2025 transactions were available as of the data pull date.

Notable Quotes

• "In Q2, we saw strong gains in multifamily and office transactions, which together accounted for nearly half of all transaction volume in the quarter," said Cole Perry, associate director of research at Altus Group.
• "On a quarterly basis, 13 of 15 property subtypes saw increases in median price per square foot and, on an annual basis, median price per square foot rose 13.9 per cent."