Data Center Deals Push Commercial Real Estate Sales to Two-Decade High

July volume of $74.4 billion was driven by $33.8 billion in data center transactions, while hotel and office sales also accelerated.

By the Family Office Real Estate Daily Desk·Monday, August 31, 2026·1 min read

Editorial summary of reporting byThe Real Deal Our editorial standards →

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What drove commercial real estate sales to a two-decade high in July 2024?

Commercial real estate sales hit $74.4 billion in July, the strongest monthly total in two decades, according to Bisnow citing MSCI's monthly Capital Trends report. Data centers drove nearly half of total volume at $33.8 billion, led by the BlackRock Global Infrastructure Partners and Abu Dhabi's MGX acquisition of Aligned Data Centers in a $40 billion transaction. Hotel and office sales also accelerated sharply year over year.

Key facts

Commercial real estate sales reached $74.4 billion in July, the strongest monthly total in two decades, according to Bisnow citing MSCI's monthly Capital Trends report.
Data centers accounted for nearly half of July's total deal volume at $33.8 billion, according to MSCI's Capital Trends report.
BlackRock Global Infrastructure Partners and Abu Dhabi's MGX acquired Aligned Data Centers in a $40 billion transaction, according to Bisnow.
Hotel sales rose 61% year over year in July, according to MSCI's monthly Capital Trends report.
Urban office sales rose 48% year over year and suburban office sales rose 28% year over year, according to MSCI's monthly Capital Trends report.

Data Center Deals Push Commercial Real Estate Sales to Two-Decade High — Image: editorial illustration · Story sourced from The Real Deal

Commercial real estate sales reached $74.4 billion in July, the strongest monthly total in two decades, according to MSCI's monthly Capital Trends report cited by Bisnow. Data centers accounted for nearly half of the total deal volume at $33.8 billion.

The data center figure was led by the acquisition of Aligned Data Centers in a $40 billion transaction by BlackRock Global Infrastructure Partners and Abu Dhabi's MGX. The deal alone represents more than half the month's data center volume and a significant share of overall commercial property activity.

The report also showed broadening transaction activity in other asset classes. Hotel sales rose 61 percent year over year in July. Office deals increased, with urban offices up 48 percent and suburban offices up 28 percent compared with the same month a year earlier.

The July total marks a shift in capital deployment across multiple commercial real estate sectors. The surge in volume reflects both large entity-level transactions and increased activity in property types that had seen slower sales in recent quarters.

The MSCI data suggests capital is again pursuing large-scale property and entity-level transactions. The data center deals in particular represent platform-level commitments rather than single-asset acquisitions, a pattern that has characterized recent infrastructure investment.

Capital that rushes into an asset class on a single month's volume spike is often the same capital that gets stuck when the platform trades reverse, family office advisor Jaf Glazer has cautioned.

The year-over-year gains in hotel and office sales indicate that capital is moving beyond the flight-to-quality trades that dominated 2023. The increases span both urban and suburban office properties, suggesting buyers are pricing in a range of recovery scenarios rather than concentrating only in the highest-quality assets.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

The $40 billion Aligned transaction sets a high bar for direct co-investment alongside infrastructure platforms. A family office writing a $50 million to $100 million cheque into that structure is buying BlackRock's underwriting and MGX's balance sheet, not individual building risk. The deployment question is whether the GP economics and governance terms justify paying for that wrapper, or whether the same data center exposure is available at lower cost through separate-account development deals with second-tier operators.

The office sales increase is ambiguous. A 48 percent rise in urban office volume could mean value buyers are stepping in at discounts that finally compensate for lease roll and refinancing risk, or it could mean sellers are capitulating before the next wave of maturities. Family offices should underwrite the vintage of the debt being assumed or retired. If the transactions are clearing 2019 loans at par, the equity beneath them is likely still impaired. If they are clearing 2022 bridge debt at a discount, the buyer may have genuine upside.

Hotel deals up 61 percent year over year argues for a platform recapitalization trade rather than a single-asset value play. Family offices with existing hotel exposure should consider whether the sponsor managing their current investment has access to the refi capital that is now pricing into the space. If not, the asset may be worth more to a buyer who does, which makes this a liquidity window rather than a hold-and-harvest quarter.

Questions this story answers

01What drove commercial real estate sales to a two-decade high in July?

Data centers were the primary driver, accounting for nearly half of July's $74.4 billion in total commercial real estate sales at $33.8 billion, according to Bisnow citing MSCI's Capital Trends report. The largest single transaction was the BlackRock Global Infrastructure Partners and Abu Dhabi's MGX acquisition of Aligned Data Centers in a $40 billion deal.

02How did office sales perform in July compared to last year?

According to MSCI's monthly Capital Trends report as cited by Bisnow, urban office sales rose 48% year over year in July and suburban office sales rose 28% year over year, indicating a broad acceleration across both office submarkets.

03What was the size of the Aligned Data Centers acquisition and who were the buyers?

BlackRock Global Infrastructure Partners and Abu Dhabi's MGX acquired Aligned Data Centers in a $40 billion transaction, according to Bisnow. The deal was cited as the lead transaction behind data centers accounting for $33.8 billion of July's total commercial real estate volume.

04How did hotel sales trend in July?

Hotel sales rose 61% year over year in July, according to MSCI's monthly Capital Trends report as cited by Bisnow, making hospitality one of the sectors showing broadening activity alongside data centers and office properties.

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