December’s CRE Transaction Flow Sets 2025’s High Water Mark
December dealmaking capped 2025 with a new high-water mark, reinforcing late-year momentum in CRE transactions even as macro uncertainty intensified. LightBox data shows 1,226 deals totaling $28.1 billion, surpassing October as the busiest month and rebounding from November’s holiday-shortened slowdown. Large transactions led the surge, with $100 million-plus deals up 44% month over month.
Signals inside the Transaction Tracker Report:
Pricing divergence widened, separating quality assets from concentrated
distress.Deal flow diversified, with activity spread evenly across major property types.
Early-cycle indicators strengthened, suggesting improving transaction
readiness heading into 2026
Major Commercial Real Estate Deals (2025)
This strength persisted despite a softening labor market and growing geopolitical anxiety, underscoring investor conviction. As equity markets moved sideways and labor data continued to soften, CRE activity remained elevated through year-end, supported by deep buyer demand, disciplined capital deployment, and renewed lender participation, setting the stage for a strong start to 2026.
"I’m optimistic that ‘steady’ will be the operative word for the CRE market this year. While I don’t expect a melt-up in transaction velocity or pricing, I do see room for modest improvement on both fronts."
- Manus Clancy, Head of Data Strategy, LightBox
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