At a glance
- Multifamily took the largest share of investment dollars, and industrial posted the fastest year-over-year sales growth.
- For allocators, the recovery differed sharply by metro: first-nine-month volume growth ran 76.5% in Chicago, 51.3% in Washington, D.C. and 30.9% in the San Francisco Bay Area.
- The 15 growth markets Avison Young tracks accounted for about 56% of national volume.
U.S. investment sales across office, multifamily, industrial, retail and development properties reached about $389 billion in the first nine months of 2026, according to Avison Young data reported by Connect CRE.
Multifamily took the largest share of investment dollars, and industrial posted the fastest year-over-year sales growth. Office activity rose as investors pursued high-quality properties and opportunities created by reset valuations. Third-quarter volume was $143 billion, the strongest third quarter since 2022.
For allocators, the recovery differed sharply by metro: first-nine-month volume growth ran 76.5% in Chicago, 51.3% in Washington, D.C. and 30.9% in the San Francisco Bay Area. Manhattan moved the other way: investment sales fell 27% in the third quarter to $2.5 billion, as Private Wealth Daily previously reported. Its annual pace sat above 2025 but below its 10-year average.
The 15 growth markets Avison Young tracks accounted for about 56% of national volume.
"The recovery is playing out very differently market by market," said James Nelson, head of U.S. investment sales at Avison Young. Chicago investors are finding value in office and industrial, he said, Washington is seeing a surge in multifamily investment, and San Francisco is benefiting from AI-driven demand.
Chicago led metro sales growth at 76.5%
Change in first-nine-month investment sales volume, 2026 vs. same period 2025
- Chicago76.5%
- Washington, D.C.51.3%
- San Francisco Bay Area30.9%
Show as table
| Item | Value (%) |
|---|---|
| Chicago | 76.5% |
| Washington, D.C. | 51.3% |
| San Francisco Bay Area | 30.9% |
The recovery is playing out very differently market by marketJames Nelson, head of U.S. investment sales at Avison Young
Reported by the Deals desk from Connect CRE and Private Wealth Daily archive: Manhattan investment sales fall 27% in Q3. Published . Corrections