Altus Group Releases Q3 2025 U.S. Investment & Transactions Quarterly Report

Executive Summary

• Altus Group reports U.S. commercial real estate transaction volume of $150.6 billion in Q3 2025, a 23.7% increase versus the prior quarter and 25.1% year‑over‑year growth.
• Multifamily transactions drove the strongest annual growth (+51.1%), accounting for over one‑third of all single‑asset sales in the quarter.
• Total transaction volume for the first three quarters of 2025 reached $375 billion, up 10.3% from the same period in 2024 and 13.0% from 2023.

Key Details

• Quarterly Transaction Value: $150.6 billion in Q3 2025 (↑23.7% QoQ, ↑25.1% YoY).
• Year‑to‑Date Volume: $375 billion through Q3 2025 (↑10.3% vs. 2024 YTD, ↑13.0% vs. 2023 YTD).
• Sector Performance:
• Multifamily: +51.1% YoY, >33% of single‑asset sales.
• Industrial, Office, General Commercial: all posted annual gains exceeding the overall 25.1% increase.
• Hospitality: declined 11.9% YoY.
• Pricing Trends: Median price per square foot rose 2.9% QoQ and 14.2% YoY across sectors.
• Data Scope: Includes single‑asset transactions ≥ $100,000; data sourced from Altus Group’s Reonomy product (as of Oct 15 2025, covering transactions through Sep 30 2025).
• Methodology Note: Estimates were applied for transactions not yet recorded as of the data pull date.

Notable Quotes

“After a slower than expected start to the year, transaction activity rebounded sharply in the third quarter, bringing total volume to $375 billion through the first three quarters of 2025… Nearly every sector saw strong price growth as well…” – Cole Perry, Associate Director of Research, Altus Group.