Major Markets Lead U.S. Investment Sales Recovery

The U.S. investment sales market continued to gain momentum through the third quarter of 2026, recording approximately $389 billion in sales across office, multifamily, industrial, retail and development properties, Avison Young reported. Q3 volume reached $143 billion, the strongest Q3 since 2022.

Multifamily continued to account for the largest share of investment dollars, while industrial led year-over-year sales growth. Office activity also increased as investors pursued high-quality properties and opportunities stemming from reset valuations.

Major markets remain central to the recovery, with the 15 key growth markets tracked by Avison Young accounting for approximately 56% of total U.S. investment sales volume. “The recovery is playing out very differently market by market,” said James Nelson, head of U.S. investment sales at Avison Young. “From Q1-Q3 2026 compared with the same period in 2025, investment sales volume is up 76.5% in Chicago, 51.3% in Washington, D.C., and 30.9% in the San Francisco Bay Area, but the drivers are different in each.

“Chicago investors are finding value in office and industrial, Washington is seeing a surge in multifamily investment, and San Francisco is benefiting from AI-driven demand,” he continued. “The common thread is that capital is coming back, but investors are being very thoughtful about where they see the strongest opportunities.”