January CRE Deals Deliver a $24 Billion Vote of Confidence
Commercial real estate dealmaking carried late-2025 momentum into the new year. According to the LightBox Transaction Tracker, January recorded 1,163 deals totaling $24.1 billion, below December’s $32.9 billion year-end surge but consistent with the strong pace seen last fall. Institutional capital remained active with 49 transactions above $100 million and 96 deals between $50 million and $100 million, signaling continued investor engagement despite uneven sector fundamentals.
Excluding a $1B mega-portfolio, the average deal size was $26.5 million, but pricing outcomes remain mixed as the market works through the reset. The average appreciation was $10.2M and the average discount was -$31.7 M, based on the 12% of deals where prior purchase price was available. Eight of the ten largest discounts occurred in office, though selective office assets still recorded notable gains.
Inside the full January Transaction Tracker report:
- A sector-by-sector pulse check on major asset classes driving investor interest
- A look at the increasingly diverse buyer pool across REITs, private equity, and credit investors in New York City, California, and high-growth Sun Belt markets
- An update on debt and equity capital markets driving transaction velocity
- The near-term outlook and why underwriting, tenant retention, and asset management are so critical at this stage of the cycle.
Major Commercial Real Estate Deals (Jan. 2025-Jan. 2026)
Source: LightBox Transaction Tracker
“Returns in 2026 are likely to be driven more by income than asset values. That puts the focus squarely on asset selection and disciplined underwriting.”
– Manus Clancy, Head of Data Strategy, LightBox
Download the full January LightBox Major CRE Transaction Tracker report for detailed sector breakdowns, pricing comparisons, top 10 investors, and metro-level insights.
