➤ Key Highlights

• Q3 2025 recorded 1,826 transactions over $10 million.

• Total transaction value rose 48% year over year.

• Office assets cleared at discounts exceeding 50% in some markets.

• Gen Z net worth among ages 18–34 rose approximately 170% since 2019.

• Global Gen Z spending is projected to reach $12.6 trillion by 2030.

Capital is re-entering the commercial real estate market in a selective manner. Transaction volume and value increased notably in Q3 2025, though the recovery is uneven across asset classes. Certain sectors continue to experience significant pricing pressure.

Through the lens of demand dispersion, this event highlights the uneven allocation of capital within commercial real estate. Markets and sectors with clear, structural demand drivers are attracting investment, while others lag behind. The disparity in demand creates a landscape where not all asset types benefit equally from renewed capital inflows. Understanding which segments have robust demand is increasingly critical in this environment.

⚠️ Why it matters now

For CRE professionals, demand dispersion shapes where opportunities and risks emerge. Developers and capital providers must recognize that not all sectors are rebounding equally, and underwriters need to account for asymmetric demand patterns in their analysis. Operators and policy makers must also adapt strategies to reflect the selective nature of capital re-engagement.

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➤ TAKEAWAY

The continued focus on demand dispersion may drive further concentration of investment in favored sectors. Asset classes lacking strong demand drivers could see ongoing pricing adjustments. Market participants may increasingly differentiate strategies based on where demand is most resilient.