The commercial real estate market has continued to show signs of recovery for the third quarter as sales volumes across most asset classes either grew or stabilized. According to a new report from Colliers, sales in the third quarter held steady year-over-year and increased over the second quarter, marking the first back-to-back gains in volume since 2022.

Aaron Jodka, Colliers' research director and author of the report, noted that office and multifamily saw significant year-over-year gains, while industrial, retail, and hospitality showed mixed performance.

Office sales grew by 13% year-over-year after several quarters of subdued activity, with transaction volume concentrated in central business districts, where volume rose by 79% following historic lows in Q3 2023. The office sector's performance from July to September suggested fundamentals are stabilizing, Jodka said.