LightBox: CRE Activity Remains Strong in July

(Image courtesy of Jan van der Wolf/pexels.com)

LightBox, Shelton, Conn., released its CRE Activity Index for July, pinning it at 112.4. That’s down just slightly from June’s high-water mark of 115.6.

The measure continues to reflect a “market actively engaged, supported by available capital, robust lending and selective demand across multifamily, retail and even office sectors,” the report stated.

Lightbox’s index aggregates daily activity across three core CRE functions–environmental due diligence, commercial property listings and lender-driven appraisals.

Volume of Phase I ESA activity was down 6% after June’s strong numbers, but up 5% year-over-year. It marks the third-strongest month of 2025.

Commercial property listings were down 7% from June, but 47% higher than the previous July.

Lender-driven commercial appraisal volume was up 13% from June, continuing a two-month trend.

“July’s index reflects a market actively executing across the deal pipeline,” said Manus Clancy, head of data strategy at LightBox. “We’re seeing healthy activity across the core functions that power CRE deals: valuation, environmental due diligence and property listings. Each area is contributing to a foundation for increased transaction flow in the coming months.”

While LightBox noted the outlook still has some signs of concern including a weakening labor market and potential upcoming tariffs.