LightBox, a leading provider of commercial real estate data and technology, said its September CRE Activity Index climbed to 116.8, marking the highest reading of 2025 and extending the index’s eight-month streak above the 100-point benchmark for healthy market activity. The index captured the market’s immediate reaction to the Federal Reserve’s 25-basis-point rate cut in mid-September,
The rebound followed August’s seasonal dip and was fueled by a late-third-quarter surge in property listings, steady appraisal pipelines and continued strength in environmental due diligence, according to LightBox.
“September’s rebound was both expected and encouraging,” said Manus Clancy, head of Data Strategy at LightBox. “We’re seeing sellers return to the market and lenders gradually stepping up activity in response to the Fed’s easing. The combination of improved liquidity and rising confidence suggests that the August slowdown was a short-term lull, not a trend reversal.”
Headwinds remain, though. Labor data show softening conditions, inflation is proving sticky and a federal shutdown has introduced new uncertainty. Nonetheless, the market’s resilience underscores the strength of underlying demand, LightBox said.
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