U.S. investment sales post strongest first half since 2022

Avison Young’s H1 2026 Investment Sales Report highlights strong activity in Los Angeles, New York, the Bay Area, South Florida and Dallas-Fort Worth

Chicago, IL– Global real estate advisory firm Avison Young today released its H1 U.S. Investment Sales Report, revealing that U.S. commercial real estate (CRE) investment sales totaled $233.6 billion during the first half of 2026, an increase of 14.7% compared with H1 2025 and the strongest first-half transaction volume recorded since 2022. 

“The first half of 2026 demonstrated that investor conviction in commercial real estate continues to strengthen. The return of capital is mirroring winners of the K-shaped recovery; favoring high-quality assets, sectors supported by long-term demand drivers, and markets offering compelling risk-adjusted opportunities,” said James Nelson, Principal, Head of U.S. Investment Sales.

The report highlights continued improvement in investor activity despite ongoing uncertainty surrounding interest rates. Transaction volume accelerated across all key property sectors with a 14.7% increase over H1 2025, signaling growing confidence in commercial real estate fundamentals and a gradual return of liquidity to capital markets.

“Although macroeconomic headwinds and elevated index rates remain in play, U.S. investment sales activity is demonstrating notable growth,” added Erik Edeen, Principal, Senior Director of U.S. Investment Sales. “Through the first half of 2026, transaction volume climbed nearly 15% compared with a year earlier, reflecting a healthier capital markets environment. Industrial and multifamily assets continue to attract significant interest, while growing deal flow in major markets such as New York, Los Angeles, and South Florida underscores sustained demand for high-quality opportunities.”

Key findings:

• Multifamily remained the largest investment sector, accounting for approximately 31% of total sales volume, supported by ongoing housing affordability challenges and strong renter demand.
• Industrial led all major property types in growth, with investment volume increasing more than 30% year-over-year, reflecting continued confidence in logistics, manufacturing and supply chain-related assets.
• Private capital remained the dominant buyer group, representing nearly 58% of acquisition activity, while institutional and foreign investors maintained a more measured approach.

• Flight-to-quality remains a defining investment theme, particularly in the office sector, where investors continue to favor premier assets in top-performing markets.
• Sun Belt markets continue to attract capital, while gateway markets such as New York and Los Angeles are experiencing renewed momentum.
• Housing affordability challenges continue to support multifamily investment demand as renting remains more attainable than homeownership in many major metros.
• Retail fundamentals are improving, benefiting from limited new supply, resilient consumer demand and stronger liquidity conditions.
• Private-label CMBS issuance reached its strongest first half since the Global Financial Crisis, signaling improved capital availability across the market.