Altus Group Limited reported a strong rebound in U.S. commercial real estate sales in the third quarter, with new data showing a market that might have found its footing after a sluggish start to the year.

According to the company’s CRE Investment and Transactions Quarterly Report released earlier this month, investors poured $150.6 billion into U.S. commercial properties during the third quarter.

That figure represents a 23.7% increase from the previous quarter and a 25.1% jump from the same period one year earlier. These gains mark one of the strongest quarterly turnarounds the industry has posted since before the COVID pandemic.

Multifamily properties once again led the charge. Altus reported that spending on apartment deals climbed 51.1% on a year-over-year basis, accounting for more than one-third of all single-asset transactions during the quarter.

Industrial, office and general commercial assets also posted annual growth that outpaced the broader 25.1% market-wide increase.

Not every sector joined in the rally, though: Hospitality sales slid 11.9% from one year earlier, underscoring the unevenness that still defines parts of the investment landscape.

The strong third quarter helped bring total commercial real estate sales volume to $375 billion through the first three quarters of 2025, up 10.3% from the same period in 2024 and 13% from 2023. Nearly every sector saw strong price growth, too, with the median price per square foot of U.S. commercial real estate rising 2.9% quarter over quarter and 14.2% this year when compared to last.

The rise in pricing is an encouraging signal for owners, many of whom spent much of the past two years navigating interest-rate volatility and shifting lender expectations. A stronger pricing environment suggests that investors are increasingly willing to engage, even as borrowing costs remain higher than they were during the low-rate era of the early 2020s.