A cautious comeback: finding momentum in October’s CRE uptick.

October’s 11% rise in deal volume offers a welcome sign of momentum — and a timely reminder to appreciate the teams driving resilience across CRE.

Deal volume climbed 11% last month, offering a glimmer of strength in a year defined by muted activity. As Thanksgiving approaches, it’s a fitting moment to acknowledge both the data — and the people — driving resilience across the industry.

Even in a market where capital remains selective and underwriting is tighter than ever, October delivered something worth noticing: a measurable rise in closed commercial real estate transactions.

According to CRE Daily, overall deal activity increased 11% month-over-month, with retail, industrial, and multifamily assets showing the strongest momentum. While this does not signal a full-market turnaround, it does suggest growing confidence among buyers willing to step in when pricing resets, debt stabilizes, or long-awaited opportunities surface.

It’s a reminder that in today’s environment, movement itself is meaningful.

Momentum in the details

The October bump wasn’t driven by one headline-making sector. Instead, it came from a broad base of:

• • Retail deals, where certain subtypes remain consistently stable

  • Industrial properties, still supported by long-term logistics demand

  • Multifamily, as pricing expectations slowly come into alignment

Across asset classes, buyers appear more willing to engage where fundamentals are solid and revenue visibility is strong. For sellers, motivation remains mixed — but recalibrated pricing and clearer interest rate expectations have narrowed the bid-ask gap just enough to spur action.

What this means heading into year-end

For operators, developers, and asset managers, the story isn’t that the market is roaring back. It’s that data-informed decision-making is finally being rewarded again.

Where discipline met patience, deals happened.
Where fundamentals aligned, capital flowed.
Where pricing adjusted, confidence returned.

If these patterns continue, Q1 2026 could see a more balanced landscape — not overheated, not stalled, but functional.

A moment for gratitude

With Thanksgiving here, it feels appropriate to acknowledge that resilience in CRE isn’t just about capital or cap rates. It’s about the professionals who keep buildings operating, budgets accurate, tenants supported, and strategies grounded — even in an unpredictable cycle.

At Kardin, we’re grateful for the teams across the industry who continue to push forward with thoughtful planning, clear communication, and data-backed budgeting. These practices are exactly what allow organizations to navigate uncertainty and seize opportunity when the market presents it.

The takeaway

October’s rise in deal activity is not a full recovery — but it is real progress, and it’s worth recognizing.

As always, disciplined forecasting, agile budgeting, and an informed read on market fundamentals will be the differentiators that set leading portfolios apart in 2026.

And this week especially, we’re grateful for every sign of progress.