October has seen a striking divergence in commercial real estate sales, with office and multifamily sectors powering ahead while industrial, retail, and hospitality struggled. According to a new report from Colliers, office sales surged to $5 billion, marking a 28% jump from September and a solid 18% increase year-over-year.

Multifamily also posted strong numbers, with an 18% year-over-year increase in sales. The sector remains the largest by volume, and its ongoing rebound signals broader market strength, according to Colliers. The Scion Group made a major move by acquiring a 14-property student housing portfolio from Harrison Street, further cementing the multifamily sector’s recovery.

Colliers found that sales of office properties in central business districts (CBDs) led the way in transaction activity, with a 55% rise in activity compared to October 2023, as urban offices continue to attract investor interest. The $443 million sale of 701 Brickell in Miami, a 678,000-square-foot office tower, to a joint venture between Elliott Management and Morning Calm Management, was one of the largest sales last month.