May’s sales data pointed to a market that looked stronger in aggregate than in the underlying details. Portfolio and entity-level transactions lifted total volume, while single-asset sales softened across several major property types.

• U.S. investment sales totaled $37.4 billion in May across office, industrial, multifamily, retail, and hospitality, up 18% year over year.
• Megadeals drove much of the increase, helping offset softer individual asset sales in office, multifamily, and retail.
• Office was the only major sector to decline, while all other major property types posted year-over-year gains.
• Pricing improved modestly overall, with the RCA CPPI All-Property Index up 1.6%, though multifamily, retail, and hospitality values remained under pressure.

Colliers Insight

Share this with your followers

Office

Office remained the clear underperformer. Sales totaled $4.1 billion, down 41% year over year, with weakness concentrated in individual asset trades. Single-asset volume fell 49% to $3.4 billion, led by a 66% decline in CBD sales and a 34% drop in suburban activity. Pricing was the bright spot, with the office CPPI up 4.1% year over year.

Industrial

Industrial volume reached $11 billion, up 38% year over year. Portfolio and entity-level deals drove most of the gain, rising 164%, while individual asset sales increased just 3%. Warehouse trades were essentially flat, down 1%, while flex sales rose 29%. Pricing continued to edge higher, with the industrial CPPI up 0.5%.

Multifamily

Multifamily sales totaled $13.5 billion, up 34% year over year, lifted by the first multibillion-dollar entity-level deal since 2024. Beneath the headline, momentum was weaker: individual apartment sales fell 14% to $7.4 billion, marking the second straight month of double-digit declines. Garden sales dropped 28%, while mid- and high-rise activity benefited from larger transactions. Pricing remained soft, with the apartment CPPI down 1.5%.

Retail

Retail sales rose 29% year over year to $6 billion, supported by a nearly 475% increase in portfolio and entity-level activity. Individual asset volume declined 10% to $3.9 billion, with weakness concentrated in shop space. Shopping centers held up better, with individual sales up 12%, while shop sales fell 41%. Pricing also softened, with the retail CPPI down 1.1%.

Hospitality

Hotel volume totaled $2.8 billion in May, up 37% year over year, with one large transaction accounting for roughly 30% of activity. With no portfolio or entity-level hotel deals closing during the month, the sector’s gain was driven entirely by individual asset sales. Pricing remained the weakest among the major asset types, with the hotel CPPI down 7.7% year over year.