Despite Holiday and Shutdown, Steady November CRE Deal Flow Sets Up Strong Start to 2026
Deal momentum held up in November, with 1,214 transactions totaling $23.8B, a solid performance for a shorter month. Activity eased from October’s peak, but a November cooldown is entirely normal, and this year’s dip was amplified by Thanksgiving week and the shutdown that extended into mid-month. Big-ticket trades continued, just at a slower pace, and overall deal flow still signaled an active market rather than one losing steam.
Inside November’s Transaction Tracker Report:
- Pricing outcomes diverged meaningfully, with most repeat sales clearing above prior values while discount activity concentrated in a narrow set of stressed assets.
- Capital deployment broadened across property types, as multifamily, retail, office, and industrial each captured a comparable share of monthly activity.
- Early-stage market signals turned more constructive, with year-over-year gains in listings, environmental due diligence, and appraisal volume pointing to improving transaction alignment.
Major Commercial Real Estate Deals (YTD 2025)
“November’s dip looks like nothing more than a seasonal blip. The holiday week and the federal shutdown slowed the pace a bit, but it reflects timing rather than any measurable shift in market momentum.”
– Manus Clancy, Head of Data Strategy, LightBox
Taken together, November’s pricing and pipeline signals suggest capital is repositioning with greater selectivity and clearer conviction. The full Transaction Tracker Report details where pricing held, where it reset, and how early-stage activity is shaping the path into 2026.
