CRE transaction volumes surged in Q3, with sales rebounding sharply after a slow start to the year, according to Altus Group. Recorded transaction volume totaled $150.6 billion, posting double-digit gains both quarter-over-quarter (up 12.6%) and year-over-year (up 6.8%), with annual growth primarily driven by multifamily, office, industrial and general commercial sectors.
According to Altus Group’s Q3 2025 report, the transaction data covers closed and confirmed sales of properties valued at $100,000 or more, excluding distressed sales such as foreclosures and tax liens. Multifamily accounted for 27.3% of deals, followed by retail (23.8%), office (18%), industrial (16%), commercial general/mixed-use (13%), and hospitality (2%).
All major property types except hospitality saw year-over-year volume increases, with multifamily up 2.6% and office up 14.6%. Industrial transactions climbed 13.8%, while hospitality fell 11.9%. Office, industrial, and multifamily led quarter-over-quarter increases, each posting double-digit gains. Across all sectors, the number of properties sold climbed from 42,989 to 45,893 compared with the same period last year.
Multifamily was the top performer by dollar volume with $45.0 billion, accounting for 30% of Q3 sales. Industrial secured 19%, retail 15% and both office and multi-property stood at about 13%. General commercial/mixed-use represented 6%, and hospitality 4%. Median price per square foot for multifamily reached $144, up 17.3% from last year, while industrial, office and retail each saw price gains of over 13%. Hospitality and multifamily posted the highest quarter-over-quarter increases, up 4.3% and 3.5%, respectively.
Year-over-year, dollar volume across all sectors grew 25.1%, with multifamily soaring 51.1% and general commercial up nearly 49%. The office and industrial sectors posted gains of more than 26%. Meanwhile, hospitality sales dropped 18.5%. Each quarter so far, hospitality sales volume jumped 48.5%, while multifamily sales volume accelerated 35.4%. Retail was the only primary sector to decline in the third quarter, down 8.7% from the previous three months.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.