[IRVINE, Calif., July 7, 2025]—LightBox, a leading provider of commercial real estate (CRE) data and technology, reported its highest reading of 2025 and the strongest performance since May 2022. The CRE Activity Index registered at 113.9 in June, a 21% increase from one year ago. This powerful mid-year rally signals that today’s commercial real estate market velocity is regaining strength despite tariff-led volatility, sentiment headwinds, and economic uncertainty.
The 8% jump in the June Index on the heels of a slight but concerning 3% decline in May suggests that May’s pullback was a short-lived pause, largely in response to rising geopolitical tension and brief disruption in the wake of April’s tariff announcements.
“The June Index’s strength is a sign that the market is not just weathering the storm but recalibrating and setting the stage for a stronger second half of 2025,” said Manus Clancy, head of Data Strategy at LightBox.
The Index measures the aggregate daily activity across three core CRE functions, environmental due diligence, commercial property listings, and lender-driven appraisals, amounting to more than 30,000 data points in June supporting CRE lending and investment.
In June, each of the three functions that support CRE lending and investment increased:
- Commercial property listings rose for the sixth straight month, with daily volume up 2% from May and 31% higher than last June, when many sellers stayed on the sidelines awaiting the Fed’s first interest rate cut and greater pricing clarity.
- In a promising sign of renewed momentum in early-stage CRE deal flow, Phase I ESA activity rebounded sharply, rising 10% from May after a sluggish spring marked by a 5% drop in April and a modest 1% gain in May.
- Lender-driven commercial appraisal volume bounced back strongly with a 19% month-over-month increase, reversing May’s 19% decline in a sign of financing activity reaccelerating after a volatile April.
“We’re seeing investors reenter the market now that pricing has found a footing,” said Dianne Crocker, research director at LightBox. “Banks are slowly coming back, and they’re being joined by debt funds and CMBS lenders, all helping to restore the liquidity needed for both new originations and a wave of upcoming maturities.”
The report notes that non-disclosure agreements by interested investors and bidding activity continue to rise, reflecting growing confidence and a broader buyer pool.
The LightBox Index, supported by a broad base of data on early indicators, points to an active stream of deal closings in the months ahead. If anything upsets the market in the coming months related to trade or monetary policy, the economy or overall sentiment, any noticeable change will show up in the Index.
While risks remain, from inflation and tariffs to geopolitical unrest and interest rate surprises, the report’s commentary suggests that the foundation is in place for continued deal flow in the coming months.
“The Index offers evidence that the CRE market is soldiering on, with discipline and direction, even under clouds of policy and economic uncertainty,” Clancy emphasized.
Download the June CRE Activity Index
About LightBox
At LightBox, we are at the forefront of delivering advanced and precise solutions for commercial real estate intelligence. Our dedication to innovation propels real estate professionals forward by providing them with the essential tools required to navigate complex decisions, minimize risk, and boost productivity across the spectrum of real estate operations. LightBox is renowned for its commitment to promoting excellence and fostering connections in the industry, serving an extensive clientele of over 30,000 customers. Our diverse client base spans commercial and government sectors, including but not limited to brokers, developers, investors, lenders, insurers, technologists, environmental advisors, appraisers, and other businesses that depend on geospatial information. To discover more about how LightBox can illuminate the path to informed real estate solutions, visit us at: www.LightBoxRE.com
Media inquiries: media@lightboxRE.com
