A wave of capital is reshaping certain segments of commercial real estate this year, as investors with unprecedented firepower channel funds into record-setting single-asset deals in logistics, retail and multifamily—even as the broader market continues to lag pre-pandemic volumes and portfolio transactions remain stuck in neutral.
According to new research from Cushman & Wakefield, while overall transaction volume has yet to recover to pre-Covid peaks, single-asset deals exceeding $100 million in the logistics, retail and multifamily sectors have surged to record highs outside of the mid-pandemic anomaly.
Aggregate sales volume for these rose by double digits year-over-year in the second quarter of 2025, reversing the downward trends observed in recent years. However, despite this progress, combined U.S. property sales remain about 20% below where they stood in 2019. The gap reflects continued sluggishness in certain segments, such as central business district office assets and bulk portfolio transactions, both of which have not regained their prior levels of activity.
The rebound in large single-asset deals is especially pronounced in sectors that saw heavy development after 2021. A wave of new supply has led to more top-tier apartment complexes and distribution facilities, fueling a steady stream of high-value transactions in logistics and multifamily real estate.
Interestingly, retail properties—despite minimal new construction—are also benefiting from robust investor demand for major single-asset acquisitions, suggesting broader shifts in capital deployment preferences.
One critical factor driving this dynamic is the renewed wave of fundraising for commercial property investment. Cushman & Wakefield’s analysis finds that more than half of the capital raised in real estate funds this year has been concentrated among just ten fund managers, marking a new record for capital concentration in the sector. With substantial dry powder at their disposal, these large managers are prioritizing large-scale acquisitions, often focusing on assets deemed most resilient to uncertain economic conditions and rising vacancy rates.
This selective investment approach has created a striking contrast in recent deal activity. While single-asset transactions over $100 million are accelerating, bulk portfolio sales have remained comparatively flat in recent quarters. According to Cushman & Wakefield’s data, this divergence likely reflects investors’ heightened risk aversion and preference for high-quality, lower-risk assets, leaving broader multi-property portfolios temporarily sidelined as space absorption trends stabilize across sectors.
Within the landscape of single-asset sales, the office market’s performance has notably shifted. Pre-pandemic, office properties routinely recorded the highest volume of major single-asset sales, far outpacing multifamily. Yet, over the past year, office now ranks second, trailing multifamily by a considerable margin. While office deals over $100 million are showing modest recovery—totaling $14 billion in the past twelve months—they remain well below the $40-50 billion range that was typical before 2020. As a result, institutional investors continue to concentrate capital on multifamily, industrial, and select retail assets, sidelining office until fundamentals improve.
Looking ahead, Cushman & Wakefield’s research suggests that once leasing activity gains momentum and investor confidence returns, bulk portfolio sales could rise quickly. The unprecedented capital resources concentrated among the largest fund managers are poised to accelerate the next wave of portfolio-level investments as risk appetite returns. Until then, the market’s focus is likely to remain on single, high-quality assets offering greater stability in a still-uncertain economic landscape.
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