The LightBox CRE Activity Index rose 28% in January to 110.7, rebounding from 86.7 in December. It marked the first return to triple digits since October and came in above January 2025’s 88.2 reading, signaling year-over-year improvement. The Index aggregates activity across property listings, lender appraisals and Phase I environmental site assessments (ESAs), providing an early read on capital deployment and underwriting momentum.
The firm cited three underlying signals driving January’s reading:
- Commercial listings: Average daily listings jumped 81% month over month following December’s seasonal lull and were 38% higher than last January.
- Phase I ESAs:Â Activity dipped 4% month over month but was 17% above year-ago levels, suggesting strengthening transaction pipelines.
- Lender appraisals:Â Down 5% month over month yet 40% higher Y-O-Y, reflecting increased underwriting and refinancing activity.
Preliminary Transaction Tracker data reinforce the rebound, LightBox said. January recorded 145 deals above $50 million, including 49 nine-digit transactions, totaling $24.1 billion, providing evidence that institutional capital remains active despite broader market uncertainty.
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