Steig Seaward
Pricing trends and transaction activity continue to shape how the market evolves. At Colliers, we analyze these signals to interpret shifts across U.S. commercial real estate. Here’s what the latest MSCI data reveals.
- U.S. investment sales totaled $25.4 billion in February, down 17% year over year.
- The headline decline overstates underlying softness, as individual asset sales continued to grow while portfolio and entity‑level activity pulled back sharply.
- Entity‑level transactions fell 87% from last year, removing a major source of volume that had boosted prior year totals.
- Pricing trends improved modestly, with the RCA CPPI U.S. National All‑Property Index rising 1.3% year over year, supported by stabilizing apartment values and accelerating industrial price growth.
Office
Office investment sales totaled $4.5 billion in February, up 9% year over year, as improving pricing supported renewed buyer interest. Single‑asset sales rose 17%, offsetting a 24% decline in portfolio and entity‑level transactions. Suburban markets continued to outperform, while CBD activity remained uneven despite materially improving price trends.
Industrial
Industrial sales reached $7.5 billion, up 15% year over year, driven by a 72% increase in portfolio transactions. Individual asset sales rose just 2%, highlighting bifurcated demand. Pricing momentum strengthened, with the industrial CPPI up 4.2%, supported by logistics assets and redevelopment activity tied to data center conversions.
Multifamily
Apartment investment volume totaled $8.1 billion in February, down 24% year over year, reflecting broad‑based transaction weakness. Mid‑ and high‑rise assets declined 31%, while garden apartment sales fell 19%. Despite softer volume, pricing stabilized, with the apartment CPPI rising 0.1%, marking the first annual increase since 2022.
Retail
Retail sales fell to $3 billion, down 61% year over year, largely reflecting difficult comparisons to a large entity level deal in February 2025. Single asset sales were essentially flat, signaling steady underlying liquidity. Pricing continued to soften, with the retail CPPI down 1.9%, extending the sector’s pullback from mid 2025 highs.
Hospitality
Hotel investment volume rose to $2.4 billion, up 51% year over year, driven primarily by the Sotherly Hotels take‑private transaction. Full‑service hotels led activity, while limited‑service sales lagged. Pricing remained under pressure, with the hotel CPPI down 1.8%, though the pace of decline moderated meaningfully from late‑2025 levels.
