Market reports and insights
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U.S. data center Q3 2025 market insights
The U.S. data center market continued its strong growth trajectory in Q3 2025, driven by accelerating AI infrastructure demand and large-scale hyperscale leasing. Development activity rebounded after a brief slowdown, while vacancy remained near record lows amid persistent power and land constraints. Investors and operators alike are increasingly focused on energy independence and efficiency, adopting on-site generation, liquid cooling, and edge deployments to meet rising density and reliability requirements.
U.S. industrial market Q3 2025 insights
After a turbulent start to 2025, the U.S. industrial sector is showing renewed stability. Net absorption rebounded in Q3 2025 to more than 24.8 million square feet following a slight dip in Q2 — the first since 2009. Vacancy rose just 0.1% quarter over quarter, the smallest increase of the post-COVID cycle, signaling a market regaining balance after months of uncertainty surrounding trade, tariffs, and fiscal policy.
U.S. investment sales market Q3 2025 insights
The U.S. investment sales market recorded 20,594 transactions totaling $307.2 billion in dollar volume through the first three quarters of 2025. When annualized, 2025 is on pace for a 9.1% increase in transaction count and a 4.8% increase in dollar volume compared to 2024. Strong Q3 performance has pushed 2025 projections to surpass last year’s totals. With Q4 historically delivering peak sales, this continued growth at the end of the year suggests a promising finish.
U.S. multifamily market Q3 2025 insights
Multifamily demand has continued its strong performance through Q3 2025, with the gap between absorbed units and delivered units for major U.S. markets reaching their lowest levels since 2021. While deliveries are maintaining record high levels, new construction starts are down by -47.4%, which have caused sales volumes and rental rates to rise in multifamily properties since the start of 2025.
U.S. office market Q3 2025 insights
In Q3 2025, the U.S. office availability rate declined to 22.8% — its fifth straight quarterly drop and the longest streak of tightening since 2016. Total available space fell by 23 million square feet (msf) this quarter, with both direct and sublet space decreasing. Year-to-date leasing activity sits at 203 msf — still 11.9% below 2024 figures and 15.4% under pre-COVID norms. Yet, markets like San Francisco (+47%) and Manhattan (+5%) are approaching pre-COVID demand levels. Leasing activity has been strongest in the trophy segment, with volumes over the past year exceeding pre-COVID averages by 12.5%. In contrast, class A properties are still trailing by nearly 20%, and class B/C assets are down more than 30%.
U.S. healthcare H1 2025 market insights
U.S. hospital and health system margins remained steady at 1.1% in May, supported by modest gains in mid-sized hospitals, even as rising labor costs and increased physician investment continue to challenge capacity for real estate expansion. Despite a more than 20% decline in medical office building (MOB) sales prices driven by high interest rates, rental rates and occupancy have remained robust—underscoring sustained demand from medical users.
U.S. Capital Markets Q3 2024 insights
In the third quarter of 2024, commercial real estate debt origination saw a significant increase compared to the first half of the year, bringing the total volume to much higher levels, though still below long-term trends. Investment sales have remained subdued across sectors, but there are signs of growing interest from certain private investors, suggesting some market stabilization. A number of opportunistic funds, are preparing to take advantage of potential market improvements, with expectations of strong returns as conditions shift.
H1 2024 U.S. life sciences market overview
The lab/R&D market showed signs of revitalization during the first half of 2024 despite record-high availability and stagnant occupier demand. Most notably, funding into the life sciences sector received a large boost from venture capital investment, public markets, and the U.S. government which is expected to increase leasing activity in the second half of the year and in 2025. Moreover, construction starts for lab buildings came to a near halt, allowing the market time to absorb the newer product, which accounts for most of the lab/R&D availability.
