Although the headlines often spotlight distress and pricing resets, LightBox reports that most commercial real estate (CRE) properties are still appreciating in value. According to the LightBox Transaction Tracker, which monitored 970 property closings in September — ranging from a $200,000 retail sale in Ohio to a $1.6-billion multi-state portfolio deal — approximately 70% sold above their prior purchase prices, while 29% were sold at a discount. September also reached a new high for the year in terms of sales volume, totaling nearly $27 billion.
However, LightBox noted that when properties did sell at a loss, the discounts were deeper than the gains seen in appreciating assets. The average price appreciation across all asset classes in September was $10.2 million, whereas the average loss on discounted sales reached $36.1 million.
“Despite talk of buyers’ remorse, especially in multifamily, our data show transactions for assets purchased at $60–$75 million in 2018 or 2019 that just closed in the $90–$100 million range,” stated LightBox. “Office values remain under pressure, but capital continues to migrate toward stronger-performing retail, multifamily, and industrial sectors. With two rate cuts already on the books and more likely ahead, momentum is building.”
One of the standout deals of the month was New Mountain Capital’s $640-million acquisition of a 53-asset net lease portfolio. The transaction, which closed in September 2025, included properties across 16 U.S. states as well as Canada, the United Kingdom, and Germany.
