• U.S. investment sales totaled $29.2 billion in January, down 9% year-over-year, reflecting a pullback from January 2025.
• The decline was largely structural. Portfolio and entity-level transactions fell 7%, with portfolio volume down 63%, weighing on headline totals.
• Single-asset sales slipped 6%, marking the first year-over-year decline since mid-2024.
• Pricing remained relatively stable. The RCA CPPI All-Property Index rose 0.3% year-over-year, though month-over-month trends point to modest near-term pressure.

Colliers Insight

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Office

Office volume totaled $7.3 billion in January, up 20% year‑over‑year, driven by the approximately $1.1 billion City Office REIT take‑private and a 21% increase in single‑asset sales, confirming broad‑based activity beyond the mega‑deal.

Momentum was concentrated in suburban office, where volume rose 41%, while CBD sales declined 6% year‑over‑year, underscoring improving suburban liquidity and an uneven recovery in CBD markets.

Industrial

Industrial sales totaled $7.9 billion in January, down 10% year‑over‑year. Entity-level transactions accounted for $2.1 billion, largely driven by the Plymouth Industrial REIT take‑private, marking a return of such deals after a quiet 2025. Excluding entity‑level activity, underlying demand was weaker, with portfolio volume down 68% and single‑asset transactions declining 17%.

Multifamily

Apartment volume fell 25% year‑over‑year to $8 billion in January, reflecting broad‑based weakness across deal structures and property subtypes. Mid‑ and high‑rise assets saw the sharpest pullback, with volume down 39%, compared with a 15% decline for garden apartments.

Pricing softened modestly, with the apartment CPPI down 0.1% year‑over‑year, though monthly momentum has improved steadily since mid‑2025.

Retail

Retail sales totaled $4.6 billion in January, up 1% year‑over‑year, though results were heavily influenced by MCB Real Estate’s acquisition of Epic Real Estate Partners. Absent this deal, retail volume would have declined 12%, as single‑asset sales fell 10% and portfolio transactions dropped 31%.

Performance diverged by subtype: centers outperformed as volume rose 47%, while shop transactions declined sharply. Pricing weakened, with the retail CPPI down 1.3% year‑over‑year and annualized trends pointing to additional near-term pressure.

Hospitality

Hotel sales totaled $1.4 billion in January, down 29% year‑over‑year, with declines concentrated in the full‑service segment. Full‑service hotel volume fell 51%, marking one of the segment’s weakest January readings since 2005.

Limited‑service hotels proved more resilient, with volume down just 1% year‑over‑year. Despite January softness, trailing 12‑month hotel volume remains up 10%.