US commercial real estate investment trends and transaction volume
Discover key insights from Altus Group's Q4 2024 US CRE Investment & Transactions report. Explore trends in commercial real estate transactions, pricing, and market activity across US property sectors.
Key highlights
Through Q4 2024, aggregate national transaction activity rose by 5.3% quarter-over-quarter in terms of property count but declined by 5.7% on an annual basis
Aggregate transaction volume totaled $108.5 billion in Q4 2024, up 33.6% from Q3 2024, up 5.8% from Q4 2023, and at its highest level since Q4 2022
All sectors saw quarter-over-quarter increases in the number of properties transacted, led by industrial (+14.2%) and office (+8.5%), however, the number of hospitality properties that transacted decreased significantly (-35.4%) over the same period
Quarterly growth in aggregate transaction value was led by the industrial sector (+44.0% to $22.1 billion in Q4 2024), while annual growth was led by commercial general + mixed-use (+31.3% to $8.3 billion in Q4 2024)
Methodology
Sourced from the Q4 2024 US CRE Investment and Transaction Quarterly report, the following charts provide an overview of transaction activity, highlighting the volume of single-property, non-distressed commercial sales exceeding $100,000.
The findings are based on national aggregates, which have been adjusted to account for typical data infill after the end of the reporting quarter, reflecting a more accurate representation of commercial real estate activity.
The metrics employed in this section include the count of transactions (#), and the total dollar volume transacted ($). Additionally, map images illustrate the geographic distribution of changes in transaction volume relative to national commercial real estate market trends.
Transaction volume by quarter
Total number of properties transacted
Source: Altus Group, Q4 2024 US Commercial Real Estate Investment and Transactions Quarterly report
Total dollar volume of properties transacted
Source: Altus Group, Q4 2024 US Commercial Real Estate Investment and Transactions Quarterly report
Market activity comparison
The following charts compare the difference between the change in transaction volume for the 100 largest MSAs versus the change in transaction volume for the Nation.
Note: For states with non-disclosure laws (Alaska, Idaho, Kansas, Mississippi, Missouri, Montana, New Mexico, Texas, Utah, and Wyoming), recorded transactions may be delayed in appearing in the dataset; Commercial General property type is inclusive of mixed-use.
Sources: Altus Group, US Census Bureau (geographic data for states/MSAs)
Explore more commercial real estate transaction activity data
Pricing and pacing
Property sectors
Q4 2024
US CRE Investment & Transactions Quarterly Report
Looking for the latest data on US commercial real estate transaction activity? This quarterly report is one of the industry’s earliest and most detailed insights into national and MSA-level transaction volumes, pricing, and property-sector trends.
About the authors
Cole Perry
Associate Director of Research
Altus Group
Cole Perry is a Associate Director of Research with Altus Group's Research team. In this role, Cole delivers key insights into macroeconomics, capital markets, and the broader commercial real estate sector.
Cole boasts a rich background in Commercial Real Estate analytics with previous roles at CompStak and Brixmor Property Group. He holds dual M.S. degrees from Columbia University in Urban Planning and Real Estate Development.
Omar Eltorai
Research Director
Altus Group
Omar Eltorai is a Research Director at Altus Group. With more than a decade of experience in the industry in investment management and financing roles,
Omar's focus is on macro, capital and market trends affecting the US CRE market. Beyond regularly authoring articles and reports, his commentary and analysis has been featured in various media publications, including: Wall Street Journal, Globe Street, and Yahoo! Finance.
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