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Commercial real estate deal volume fell in December for the second straight month, but the full-year numbers reveal some progress, potentially setting up much-needed momentum for this year.
Total deal dollar volume dropped 20% in December year over year, according to monthly data provided by Moody’s as a media exclusive to CNBC’s Property Play. It tracks the top 50 commercial real estate property sales across the U.S., in the core segments of multifamily, office, industrial, retail and hotel.
For all of 2025, deal volume was 17% higher compared with 2024, a healthy expansion but lower than the 24% annual growth seen the year before and still 30% below the 2019 pre-pandemic benchmark.
“The US commercial real estate (CRE) market in 2025 was defined by a steady, albeit decelerating, climb toward stabilization,” said Kevin Fagan, head of CRE capital market research at Moody’s. “The recovery proved resilient in the face of significant economic slowing, policy uncertainty, a massive loan maturity wall, and persistently high interest rates compared to three years ago.”
