CRE Observer Chartbook

Research evidence excerpt

CRE Observer Chartbook

North America Securitized

Products Research

16 June 2026

Q1 2026

• CRE transaction volumes in Q1 2026 totaled $112bn, representing a 21% Securitized Products Research

increase from the first quarter of last year. Compared with Q1 2025, transaction AC Chong Sin volumes increased across all major property types, with the office sector (1-212) 834-2611

experiencing the largest year-over-year increase at 45%. Multifamily chong.c.sin@jpmorgan.com

transactions accounted for 30% of all CRE transactions this quarter, the largest Terrell Bobb

share among the major property types, with the industrial sector not far behind (1-212) 834-5947

at about 29%. terrell.bobb@jpmchase.com

Eli Khaim• Transaction price per unit or square foot increased for all sectors except for (1-212) 622-0388

retail, on a year-over-year basis. Transaction prices for the office, retail, and eli.khaim@jpmorgan.com

industrial sectors over the past year. Office transaction prices increased the J.P. Morgan Securities LLC

most, rising by 21%.

• In Q1 2026, national cap rates widened by 15bp to 6.68% over the quarter and

are now 17bp wide of levels established in Q1 2026. Major markets and non-

Contents major markets saw quarterly cap rate widening of 19bp and 17bp, respectively.

Cap rate spreads have widened by 11bp since last year. Market Overview

Annual Transaction Volumes

• National vacancy rates remained relatively flat or fell slightly for all major

Quarterly Transaction Volumes property types on a quarter-over-quarter basis in Q1 2026. Office vacancy rates

remained fell for the third consecutive quarter to 14.0%, helping to further Transaction Statistics

cement the notion that the office market has begun to recover. Please refer to Acquisition Volumes by Investor Type