1、U.S.investment sales reportH1 2025Page 2U.S.Capital Markets Group|U.S.investment sales report Source:Avison Young Market Intelligence,Real Capital AnalyticsU.S.investment sales reportH1 2025$456B$577B$399B$757B$648B$368B$391B$365B$0$200$400$600$80020182019202020212022202320242025(Annualized)Multifam

2、ilyDevelopmentIndustrialOfficeRetailTotal U.S.dollar volume by asset classBillions29,944 33,260 25,988 42,462 38,516 24,828 25,167 24,916 010,00020,00030,00040,00050,00020182019202020212022202320242025(Annualized)MultifamilyDevelopmentIndustrialOfficeRetailNumber of sales by asset class#of sales$13.

3、5B$8.6B$7.5B$6.3B$5.9B$5.2B$4.8B$4.1B$3.4B$3.1B$3.0B$2.3B536469 480 591 342 198 405 296192 189 103 160 0100200300400500600$0$2$4$6$8$10$12$14$16BillionsTop 12 volume and sales by market H1 2025Dollar Volume#of SalesTop 12 MarketsVolumeSale CountH1 2025$67.7B3,961Change from H1 20248.9%10.2%U.S.inves

4、tment salesAccounting for 37.1%of total dollar volume in the first half of the year,the top 12 markets continue to be primary drivers of the U.S.investment sales market.This report provides a snapshot for each of those 12 markets.The overall U.S.investment sales market recorded 12,458 transactions v

5、alued at$182.4 billion in total dollar volume in the first half of the year.When compared to H1 2024,there was a 15.2%and 25.2%increase,respectively.When annualizing the first half of this year,2025 is on pace to see a 1.0%decrease in sales and 6.6%decrease in volume compared to 2024.Much like in 20

6、24,there is a prevailing sense of optimism that the latter half of the year will witness a rise in trading volumes,driven by an improvement in investor confidence.Top 12 investment sales markets Page 3 U.S.Capital Markets Group|U.S.investment sales report Source:Avison Young Market Intelligence,Real