PRESS RELEASE

CCRSI RELEASE – December 2025
(With data through November 2025) 

Print Release (PDF) 

Complete CCRSI data set accompanying this release 

This month's CoStar Commercial Repeat Sale Indices (CCRSI) provides the market's first look at commercial real estate pricing trends through November 2025. Based on 1,049 repeat sale pairs in November 2025 and 335,876 repeat sales since 1996, the CCRSI offers the broadest measure of commercial real estate repeat sales activity.

CCRSI National Results Highlights

• U.S. COMPOSITE PRICE INDICES DIVERGED IN NOVEMBER 2025. The value-weighted U.S. Composite Index, more heavily influenced by high-value trades common in core markets, rose for the sixth consecutive month to 242, an increase of 0.4% over the prior month. The index increased 1.1% over the prior quarter but declined 1.3% during the 12 months ending November 2025.
• Meanwhile, the equal-weighted U.S. composite index, which reflects the more numerous but lower-priced property sales typical of secondary and tertiary markets, fell 0.9% to 310 in November 2025. The index declined 0.7% over the prior quarter and was flat compared to November 2024.
• November 2025 continued the trend of seeing larger asset values stabilize and recover while smaller asset pricing has taken a more volatile path sideways.

• SMALLER ASSETS EXPERIENCED STEEPER VALUE DECLINES IN NOVEMBER 2025. The general commercial sub-index, heavily influenced by the more numerous but lower-value trades, declined 0.8% over the prior month in November 2025, the fifth month of price declines out of the last seven months. The general commercial cohort saw values dip 0.3% in the 12 months ending November 2025.
• The investment grade sub-index, more heavily influenced by higher-value assets, was nearly unchanged in November 2025, falling 0.1% over the prior month. However, the investment grade cohort increased 1.5% over the 12 months ending November 2025, the second consecutive year-over-year increase.

• THE NUMBER OF REPEAT SALES DROPPED SHARPLY IN NOVEMBER 2025. The number of repeat sales declined 41.8% to 1,049 trades, producing $8.9 billion of total consideration in November 2025. Sales volume declined 39.1% month over month in November 2025 after a particularly strong October that saw $14.5 billion in sales. Investment grade transaction volume fell 35.9% in November 2025 to $5.7 billion, while the general commercial segment dropped 44% to $3.2 billion.
• Composite pair volume of $138 billion during the 12 months ending in November 2025 was 21.5% higher than the 12-month period that ended in November 2024. The increase was more prominent in the investment grade segment, which climbed 22% over the 12 months ending in November 2025 compared to the same period ending in November 2024. The investment grade segment accounted for 63.8% of the 12-month transaction volume. The general commercial segment, which accounted for 36.2% of the 12-month transaction volume, increased 20.9% during the 12 months ending November 2025.

• STEADY LEVELS OF DISTRESS COMPARED TO THE PRIOR MONTH. Among repeat sales in November 2025, 42 of the 1,049 trades, or 4%, were distressed. Investment grade distressed pairs comprised 10, or 5.7%, of the 176 repeat sales, while the general commercial cohort posted 32, or 3.7%, distressed trades out of the 873 repeat sales.

• DELIVERIES FELL TO THE LOWEST LEVEL SINCE 2013. Deliveries across the three major property types, office, retail, and industrial, are projected to reach 486.3 million SF in the 12 months ending December 2025, 34.2% lower than the same period in 2024. For the first time since 2013, quarterly deliveries fell below 100 million SF. Just over 84% of the space delivered, or 408.8 million SF, was of investment-grade quality. Less than 78 million SF of general commercial was delivered in the 12 months ending December 2025.
• Deliveries are projected to hit 0.2% of the total inventory as a percentage of total stock in the quarter ending in December 2025, with investment-grade deliveries at 0.2% of stock and general commercial deliveries at less than 0.1%.
• FOURTH QUARTER 2025 DEMAND WAS LESS NEGATIVE THAN THE PRIOR TWO QUARTERS. Net absorption is projected to give back 100 million SF in the 12 months ending December 2025, the most deeply negative print since 2009. However, quarterly demand improved—less negative—in the third and fourth quarters of 2025. Demand fell in both the investment grade and general commercial segments by giving back 55.5 million SF and 44.4 million SF, respectively.
• Net absorption as a percentage of stock is projected to lose less than 0.1% in the quarter ending December 2025. Both investment grade and general commercial segments are in negative territory.

About The CoStar Commercial Repeat-Sale Indices

The CoStar Commercial Repeat-Sale Indices (CCRSI) are the most comprehensive and accurate measures of commercial real estate prices in the United States. In addition to the national Composite Index (presented in both equal-weighted and value-weighted versions), national Investment-Grade Index, and national General Commercial Index, which are reported monthly, 30 sub-indices in the CoStar index family are reported quarterly. The sub-indices include breakdowns by property sector (office, industrial, retail, multifamily, hospitality, and land), by region of the country (Northeast, South, Midwest, and West), by transaction size and quality (general commercial, investment-grade), and by market size (composite index of the prime market areas in the country). The CoStar indices are constructed using a repeat sales methodology, widely considered the most accurate measure of price changes for real estate. This methodology measures the movement in the prices of commercial properties by collecting data on actual transaction prices. When a property is sold more than once, a sales pair is created. The prices from the first and second sales are then used to calculate price movement for the property. The aggregated price changes from all the sales pairs are used to create a price index. Historical price indices are revised as new data is recorded.

MEDIA CONTACT:

Matthew Blocher, Vice President, Marketing & Communications, CoStar Group (mblocher@costar.com).

For more information about the CCRSI Indices, including the complete accompanying data set and research methodology, legal notices and disclaimer, please visit https://costargroup.com/costar-news/ccrsi/.

ABOUT COSTAR GROUP, INC.

CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives. CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom. CoStar Group’s websites attracted over 143 million average monthly unique visitors in the third quarter of 2025, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit www.CoStarGroup.com.

This news release includes "forward-looking statements," including, without limitation, statements regarding CoStar's expectations, beliefs, intentions, or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that the trends represented or implied by the indices will not continue or produce the results suggested by such trends, including trends related to commercial real estate fundamentals, absorption, price growth, and tenant demand; the risk that net absorption will not be as expected for the 3- and 12-month periods ending December 2025; and the risk that deliveries across office, retail, and industrial properties will not be as projected. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include but are not limited to, those stated in CoStar’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2024, and Quarterly Report on Form 10-Q for the quarter ending September 30, 2025, which is filed with the SEC, including in the “Risk Factors” section of that filing, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof. CoStar assumes no obligation to update or revise any forward-looking statements, whether due to new information, future events, or otherwise.