Colliers Insight
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Investment activity continued to build momentum in the fourth quarter, with deal volume rising 19% and recent monthly totals revised higher. Every major asset class registered year‑over‑year gains, reinforcing the breadth of the recovery. Single‑asset transactions remained the engine of market activity, while portfolio and entity‑level deals stayed relatively subdued. At the same time, larger transactions are beginning to re‑emerge on a selective basis, a constructive signal for market depth.

Office 

Office investment activity is steadily recovering, with $26.7 billion transacted in Q4 alone, up 23% year over year. Late-year activity continued to be driven by repricing and by investors targeting specific opportunities, as entity-level transactions were effectively absent and institutional investors remained net sellers. Fourth quarter deal flow instead leaned heavily on individual asset and portfolio transactions, supported by slowing price declines in CBD markets and positive suburban price growth, which helped draw more buyers off the sidelines and positioned the sector on firmer footing heading into 2026.

Industrial 

In 2025 Q4, industrial remained one of the most liquid sectors in U.S. CRE, with $34.9 billion in deal volume, well above pre‑pandemic norms even as overall momentum cooled. Transaction activity continued to shift toward single‑asset deals, as portfolio volumes moderated, entity‑level transactions disappeared, and institutional investors showed less urgency to scale exposure. Pricing also remained positive but softened, with values still rising year over year at a slower pace, reflecting a late‑cycle market settling into more stable conditions rather than re‑accelerating.

Multifamily 

Multifamily remained the most active U.S. property sector in 2025 Q4, leading all asset classes with $51.8 billion in deal volume, even as year‑over‑year comparisons were skewed by a large, one‑off entity‑level transaction in 2024. Beneath the headline figures, momentum strengthened late in the year, with transaction volume rising across all subtypes except garden products, which slipped 3%. Dallas once again ranked as the most active U.S. apartment market, a position it has held consistently since 2016.

Retail 

Retail volume surged 31% year-over-year, with $20.6 billion in trading in Q3, as portfolio sales rose throughout 2025. Deal volume grew faster for shopping centers than for shop space during the fourth quarter, with volume climbing to $14.2 billion, a 35% year-over-year increase. Portfolio transactions drove volume, highlighting institutional participation.

Centers are driving the bulk of this activity, up 40%, while shops have posted flat results. Retail bucked the broader trend, as both single-asset deals and portfolio- and entity-level transactions have increased year over year and year to date. Pricing is on the rise, up 5.5%, the strongest of all property types. Los Angeles finished the year leading the nation in sales volume, up 62% to $4.3 billion.

Hospitality 

Hotel investment activity rebounded sharply in the fourth quarter of 2025, with $9.6 billion in deal volume, up 57% year-over-year and well ahead of the pace for 2025 overall. The surge was led by full‑service hotels, where transaction volume more than doubled, while limited‑service properties delivered more moderate, steady gains. Activity remained anchored by single‑asset transactions, up 50% from a year earlier.