For the second month in a row, commercial real estate transactions slowed. Transaction volume was 10% lower year-over-year in November 2025, with just 1,800 deals overall, according to monthly data provided by Moody’s as a media exclusive to CNBC’s Property Play. However, investors are leaning toward larger-scale acquisitions and bigger, higher-quality assets. All transaction sizes dropped markedly in November, except those sales greater than $100 million, which were 51% higher year-over-year. This pushed the average deal size in November to $14.2 million, compared with an average of $12 million since the start of 2019. The largest deal was a $7.2 billion medical office portfolio of 296 properties in 34 states was sold by Welltower to a joint venture of Remedy Medical Properties and Kayne Anderson Real Estate. The second-largest sale of the month, totaling $615 million, involved three industrial properties. SDC Capital Partners purchased 97 acres of land in Leesburg, Virginia, zoned for data center development.
Reporting by: Diana Olick
Edited by: Andrea Miller
Senior Director of Video: Lindsey Jacobson
Additional Footage: Getty Images
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Medical Office And AI Data Center Lead Biggest Commercial Real Estate Deals
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