US Capital Markets Report, Second Half of 2025

This report analyzes economic, capital markets and real estate market data to provide commercial real estate (CRE) practitioners with insight into the factors shaping the availability and price of debt and equity financing for office, industrial, retail and multifamily investment and development. It draws from historical data provided by CoStar Group and publicly available sources to examine trends in transactions, development and loan originations, and identifies the largest developers and transactions by property type. Most CRE market data in this report are current as of the second half of 2025. The next report will be released after the conclusion of the first half of 2026.

U.S. CRE markets entered 2026 in a transitional phase marked by improving liquidity, moderating inflation and persistent rate-driven volatility. The rapid repricing cycle triggered by aggressive monetary tightening appears largely complete, but a valuation recovery remains sensitive to long-term interest rate movements and capital market conditions.

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