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Q1 2026 Investment Sales Total Shows CRE Market Thawing Out
First-quarter 2026 U.S. commercial real estate investment sales volume reached $112.6 billion, providing the clearest evidence yet that the two-year freeze is thawing, Avison Young reported. The figure represents an 18% year-over-year increase, putting volume back in line with 2017-2018 levels.
Apartments represented the largest segment of Q1 sales volume with $32.1 billion in closed deals, slightly ahead of industrial. However, the sharpest growth trajectory was posted by third-ranked office, with volume growing 38.6% from the year prior.
“Q1 2026 suggests the CRE transaction market has found its footing, and for investors, that’s the environment where disciplined buyers with dry powder tend to do well before the crowd fully returns,” write Avison Young’s Alex Ern and Will Dunkel. Based on historical averages and predictive modeling, volume for Q2 through Q4 is expected to reach $497 billion, bringing the yearly total to approximately $585 billion to $590 billion.
- ◦Sale/Acquisition
