LightBox, a leading provider of commercial real estate data and technology, reported the first decline of 2025 in its CRE Activity Index, which measures national activity across commercial property listings, environmental due diligence, and appraisals. The index fell slightly to 105.5 in May from 109 in April, indicating that early-year momentum is beginning to taper amid rising economic and geopolitical uncertainty.
“After a fast start to the year, May’s Index confirms that the market is starting to tap the brakes,” said Manus Clancy, head of data strategy at LightBox. “The investment community isn’t retreating, but it is recalibrating. Lenders are becoming more selective, and underwriting timelines are stretching out as everyone reassesses risk.”
The index showed listings up 1% month-over-month and 47% year-over-year. Phase I environmental site assessments were flat compared to April and appraisal volume dropped 19% from April and 12% Y-O-Y in the most notable sign of cooling deal velocity.
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