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US Capital Trends: A Market in Transition
Feb 26, 2025
After a grueling 2023, the U.S. commercial-property market expanded slightly in 2024. We analyze the activity of different buyer groups to identify momentum in the market, and also chart investment and pricing trends in January 2025.
US Capital Trends highlights:
- Steady January: The trading of individual assets – often considered the market’s barometer – held firm in the month relative to levels of a year ago.
- Sector shift: Private sources of capital were the most dominant buyers of U.S. commercial real estate in 2024; their share of trading indicated a potential turnaround in market liquidity.
- Positive performance: The MSCI U.S. Quarterly Property Index posted a modest but meaningful 0.6% annual return at year-end.
Private buyers dominated and institutions gained ground in 2024
US Capital Trends is a monthly report series available to MSCI subscribers. To receive the latest Capital Trends, get in touch.
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Research authors
- Jim Costello, Executive Director, MSCI Research
- Alexis Maltin, Vice President, MSCI Research
- Wyatt Avery, Senior Associate, MSCI Research
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