Office Sales Jump 31% in July as CBD Deals Double

Hospitality volume climbed 61% while multifamily and retail sales declined, Colliers reported.

By the Family Office Real Estate Daily Desk·Thursday, September 10, 2026·1 min read

Editorial summary of reporting byScotsman Guide Our editorial standards →

The answer · checked against Scotsman Guide

Which commercial real estate sectors saw the biggest sales volume changes in July 2026?

Colliers reported that U.S. office property sales reached $7.6 billion in July 2026, a 31% year-over-year increase, while overall commercial real estate volume of $36.3 billion was down 1%. Hospitality volume surged 61% to $2.5 billion, making both sectors standout performers against a backdrop of declining multifamily and retail sales.

Key facts

Colliers reported overall U.S. commercial real estate sales volume of $36.3 billion in July 2026, down 1% from a year earlier.
Colliers reported office sector July sales of $7.6 billion, a 31% year-over-year increase, making office the only commercial property type to register a price increase, with prices up 4% year over year.
Colliers reported that CBD office property sales volumes increased 46% year over year in July, driven by individual asset sales that more than doubled.
Colliers reported hospitality July volume rose 61% year over year to $2.5 billion, led by full-service hotels with stronger portfolio and individual asset sales, while the hotel CPPI fell 8.6% year over year and trailing 12-month cap rates rose to 8.3%.
Colliers reported multifamily July sales of $12.4 billion, down 16% year over year, with individual asset sales declining 25% and the apartment CPPI falling 4.1% since last July.
Colliers reported retail July sales volume of $4.7 billion, down 13% year over year, with portfolio and entity sales falling sharply and the retail CPPI declining 0.9%.

Office Sales Jump 31% in July as CBD Deals Double — Image: editorial illustration · Story sourced from Scotsman Guide

Office property sales rose 31% in July to $7.6 billion, outpacing a flat overall commercial real estate market, Colliers reported. Total commercial sales volume reached $36.3 billion, down 1% from a year earlier.

Central business district office sales climbed 46% year over year, driven by individual asset transactions that more than doubled. Suburban office sales increased 26%, boosted by portfolio activity including medical office portfolios. Office was the only commercial property type to post a price gain, with overall prices up 4% year over year.

Hospitality sales rose 61% to $2.5 billion in July. Full-service hotels led the gains with stronger portfolio and individual asset sales, Colliers said. Limited-service volume also increased, driven by portfolio transactions. The hotel commercial property price index fell 8.6% year over year, and trailing 12-month cap rates rose to 8.3%.

Multifamily was the largest sector by volume at $12.4 billion, down 16% from July a year earlier. Individual asset sales declined 25%, while portfolio and entity activity rose 21% due to one large California portfolio transaction. Without that deal, mid- and high-rise portfolio sales would have fallen year over year. The apartment price index dropped 4.1% since the prior July.

Industrial sales were flat at $9 billion in July. Portfolio and entity activity increased 9%, while single-asset sales fell 4%. Warehouse volume declined 1%, but flex sales rose 5%. The sector's trailing 12-month cap rates rose to 6.6% from 6.3% a year earlier.

Retail sales volume fell 13% from the prior July to $4.7 billion. Portfolio and entity sales dropped sharply, while single-asset activity declined 1%. Shopping centers remained a standout category, Colliers said. The retail price index fell 0.9%.

The Deployment Angle

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

The office rebound favours opportunistic co-GP structures with sponsors who bought distressed assets in 2023 and 2024 and are now refinancing or recapitalising at stabilised bases. Family offices should focus on suburban medical office portfolios, where the 26% volume increase and 4% price gain suggest a repricing is complete. Avoid blind-pool office funds; the CBD gains are individual-deal driven, so deal-by-deal underwriting is critical.

In hospitality, the 61% volume surge paired with an 8.6% price decline and 8.3% cap rates points to a seller capitulation moment. Full-service hotel portfolios are clearing at discounts that create entry points for patient capital willing to hold through a two-to-three-year occupancy recovery. Target limited-service portfolios where the operator is selling to redeploy rather than distressed, and underwrite to a 9% unlevered return assuming flat revenue for 18 months.

The multifamily and retail declines argue against new LP commitments to core-plus or value-add funds in those sectors. The 16% volume drop in apartments and 13% fall in retail signal that pricing has not yet cleared. Family offices holding existing positions in these sectors should pressure managers on refinancing plans and mark-to-market valuations, particularly for portfolios with floating-rate debt maturing in the next 12 months.

Questions this story answers

01How did office property sales perform in July 2026?

According to Colliers, office sector sales reached $7.6 billion in July 2026, a 31% year-over-year increase. CBD sales volumes rose 46%, driven by individual asset sales that more than doubled. Suburban sales were up 26%, boosted by portfolio activity including medical office portfolios. Office was the only commercial property type to post a price increase, with prices up 4% year over year.

02What happened to hospitality transaction volume in July 2026?

Colliers reported hospitality July volume rose 61% year over year to $2.5 billion. Gains were led by full-service hotels, which saw stronger portfolio and individual asset sales. Limited-service volume also rose with a focus on portfolio sales. However, the hotel CPPI fell 8.6% year over year and trailing 12-month cap rates rose to 8.3%.

03Are multifamily sales volumes declining in 2026?

According to Colliers, multifamily July sales totaled $12.4 billion, down 16% year over year. Individual asset sales declined 25%. Portfolio and entity activity rose 21%, but Colliers noted that gain was attributable to one large California portfolio transaction; without it, mid- and high-rise portfolio sales would have been down year over year. The apartment CPPI also fell 4.1% since last July.

04What were industrial real estate sales and cap rates in July 2026?

Colliers reported industrial sector July volume was flat year over year at $9 billion. Portfolio and entity activity rose 9% while single-asset sales fell 4%. Warehouse volume fell 1% but flex sales increased 5%. The industrial sector's trailing 12-month cap rates rose to 6.6% from last year's 6.3%, according to Colliers.

05How did retail property sales hold up in July 2026?

Colliers reported retail July sales volume of $4.7 billion, down 13% from a year earlier. Portfolio and entity sales fell sharply, while single-asset activity was down 1%. Shopping centers continued to be a standout category within retail. The retail CPPI declined 0.9%, according to Colliers.

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