US commercial real estate investment sales - property sectors

Key highlights

• 10 of 15 subsectors saw quarter-over-quarter price growth on a per square foot basis, lead by big box retail (+9.5%), bars and restaurants (+6.3%), automotive (+5.2%), and general industrial (+2.9%)

  
  

• Hospitality, industrial, and retail sectors all saw positive year-over-year increases to average price per square foot, while commercial general + mixed use, multifamily, and office saw average prices decline. However, 9 of the 15 subsectors saw positive average price growth per square foot in Q4 2024, on a year-over-year basis

  
  

• The average number of properties transacted on a given day during Q4 2024 sat just above pandemic-era lows for all property types; the measure ticked up quarter-over-quarter for all property types except hospitality

  
  

• Year-over-year, the median square footage of an individual transacted property increased for industrial (+7.7%) and multifamily (+6.1%), but fell for hospitality (-0.3%), commercial general + mixed use (-0.6%), retail (-1.1%) and office (-4.4%)

  
  

• The median value of a single-property transaction increased year-over-year for all sectors, led by office (+19.8%), industrial (+17.1%), and multifamily (+16.4%)

  
  

• Just over one in five industrial properties (20.7%) transacted during Q4 2024 were part of a multi-property sale – the most of any property type – up 230 bps from Q3 2024 and up 260 bps from Q4 2023

  
  

• The share of hospitality properties transacted as part of a multi-property sale fell 21 percentage points quarter-over-quarter to 12%, but was up 2.4 percentage points year-over-year