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 $21.4 billion in April, down 31% year over year and marking the first annual decline since mid‑2025.
• The pullback was broad-based, though year‑to‑date volume remains 14% ahead of last year’s pace.
• Individual asset sales totaled $18.2 billion, down 28%, while portfolio activity fell 50% to $3.2 billion. No entity-level deals closed.
• Pricing improved modestly, with the RCA CPPI All‑Property Index rising 1.1% year over year.

Colliers Insight

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Office

Office investment sales reached $5 billion in April, down 15% year over year as portfolio activity pulled back. Individual asset deals held steady at $4.6 billion, anchoring activity. Suburban markets outperformed, with volume up 6% versus a 46% drop in CBD assets. Pricing strengthened, with CBD values up 4.1% and suburban assets rising 3.1%.

Industrial

Industrial sales totaled $5.8 billion, down 18% year over year, with declines across warehouse and flex assets. Both individual and portfolio transactions slowed. Despite the pullback, year‑to‑date volume remains 23% higher, signaling continued investor interest. Pricing rose 1.9%, though growth has moderated.

Multifamily

Apartment volume totaled $6.2 billion in April, down 50% year over year and marking the steepest decline across sectors. This trend is attributable to April 2025’s strong sales activity. Garden and mid/high‑rise sales fell 55% and 42%, respectively. Weaker demand drove volume to its lowest level since mid‑2020. Pricing declined modestly, with the CPPI down 1.1%.

Retail

Retail sales totaled $3.4 billion, down 19% year over year, with declines across property types. Single‑asset deals accounted for most activity at $3.1 billion, while portfolio volume remained limited and no entity-level deals occurred. Pricing softened further, with the CPPI down 2.3%.

Hospitality

Hotel sales totaled $1 billion, down 35% year over year and at the lowest level since 2020. Declines were broad-based, with full‑service down 23% and limited‑service down 42%. Both individual and portfolio activity weakened materially. Pricing remained under pressure, with the CPPI down 5.4%.