**LightBox CRE Activity Index Shows Momentum Slipping in May 2025**
LightBox, a leading provider of commercial real estate data and technology, has reported the first decline of 2025 in its Commercial Real Estate (CRE) Activity Index. The index, which tracks national activity across commercial property listings, environmental due diligence, and appraisals, fell slightly in May to 105.5, down from 109 in April. This dip signals a potential slowdown as economic and geopolitical uncertainties begin to weigh on market momentum.
“After a fast start to the year, May’s Index confirms that the market is starting to tap the brakes,” said Manus Clancy, Head of Data Strategy at LightBox. “The investment community isn’t retreating, but it is recalibrating. Lenders are becoming more selective, and underwriting timelines are stretching out as everyone reassesses risk.”
Despite the overall slowdown, certain segments of the market remain active. Property listings increased by 1% month-over-month and surged 47% compared to the same period last year. However, environmental due diligence activity, as measured by Phase I Environmental Site Assessments, remained flat month-over-month. Most notably, appraisal volume saw a significant dip—down 19% from April and 12% year-over-year—highlighting a clear cooling in deal velocity.
The shift signals a more cautious approach from investors and lenders amid a backdrop of evolving market dynamics.
