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.
Key Points
- Commercial
real estate deal volume dropped 20% in December year over year, the
second straight month of declines, according to monthly data provided by
Moody’s as a media exclusive to CNBC’s Property Play.
- For all of 2025, deal volume was 17% higher compared with 2024, a healthy expansion but lower than the year before.
- The recovery in office has been swelling, as return-to-office orders and a boom in AI employment counter the pandemic-driven narrative that office is over.
RSK: At least office is a bit of a bright spot in this problem.
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