Altus Group: CRE Transaction Volume Up in Q2

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Altus Group, Toronto, released its Q2 2025 U.S. CRE Investment and Transactions report, finding that aggregate transaction volume totaled $115 billion, up 3.8% from Q2 2024.

The increase was driven in large part by strong gains in multifamily, which was up 39.5% from Q2 2024, and office, which was up 11.8%.

However, through Q2, 41,463 properties were transacted. That’s down 7.4% from Q2 2024.

The median price per square foot for transacted single properties was up 5% quarter-over-quarter. Retail saw the largest increase, at 10%.

Thirteen of 15 subsectors saw quarterly increases in median price per square foot. That was led by automotive, up 25.4%, limited-service hotels, up 17.2%, and medical offices, up 15.1%.

On a year-over-year basis the price was up 13.9%. Annual price growth was the strongest in multifamily, up 18.8%, then retail (up 18.5%), commercial general (up 17.1%), office (up 15.3%) and industrial (up 10.4%).

On an annual basis, median price per square foot grew most significantly for bars and restaurants, up by 42.2%, automotive, up by 36.6%, and storage, up by 27.3%. Overall, the metric rose by double digits in 12 of 15 subsectors.

Only one subsector posted a decline in median price per square foot on both a quarterly and annual basis–manufacturing was down 3.3% quarter-over-quarter and 14.6% year-over-year.

The median building size of transacted properties increased for all sectors on a quarterly basis, with the exception of hospitality, down 9.3%. The size of office space transacted was up 6.8%, and the size of commercial general sector properties transacted was up 8.9%.