CRE Services: May & June Lift 2Q26 Volumes

Research evidence excerpt

CRE Services: May & June Lift 2Q26 Volumes

Goldman Sachs Americas Real Estate

investment sales/capital markets growth (generally in the +15% to +20% range for

our covered CRE services names in 2Q26). However, we expect some drag from

non-US investment sales exposures given the ongoing impact of geopolitical

instability and energy prices.

Exhibit 1: Overall US quarterly transaction volumes were

positive in 2Q26 (with further upwards revisions expected

to come)

YoY change in total US transaction volume

300%

250%

200%

150%

100%

50%

0%

-50%

-100%

Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26

YOY Chg 3 Month trailing average

%

Source: MSCI Real Assets, Goldman Sachs Global Investment Research

In terms of property types we highlight the following:

n Multifamily transactions were down -14% YoY in June and +1% in 2Q26.

n Office transactions were up +2% YoY in June and -9% in 2Q26.

n Industrial transactions were up +8% YoY in June and up +27% in 2Q26.

n Retail transactions were down -9% YoY in June and +13% in 2Q26.

Exhibit 2: CBD Office volumes were particularly strong Exhibit 3: Industrial transaction volumes were solid in

Office Monthly YoY transaction volume growth 2019-2026 June (inclusive of revisions)

Industrial monthly YoY change in transaction volumes 2019-2026

800% 500%

700%

400%

600%

500% 300%

200% 100%

-100% -100%

2019 2020 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2024 2025 2026

Office - CBD Office - Sub All Office Flex Warehouse All Industrial

Source: MSCI Real Assets, Goldman Sachs Global Investment Research Source: MSCI Real Assets, Goldman Sachs Global Investment Research

22 July 2026 2