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Commercial real estate volume continues to rise

€2.9 billion invested in the third quarter

October 14, 2025

By Noortje Franssen

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In the third quarter of 2025, €2.9 billion was invested in commercial real estate. An increase of more than 4% compared to last year, according to figures from real estate advisor CBRE. This brings the total investment volume for this year to €8 billion, an increase of 6% compared to 2024.

The main driver behind this growth is the hotel and leisure market (+80%), due to transactions in Amsterdam, Eindhoven and Blackstone's purchase of RCN holiday parks. Retail investments (+41%) follow closely, while the living market also contributes to the high volume. Within the latter category, the number of purchases of existing Living assets increased remarkably. Activity is also picking up again in the logistics and office markets - sectors that have lagged behind until now.

Buy-outs are the largest driver of investment volume in existing homes

Of the existing living assets, 73% are owned by investors who plan to privatize individual apartments, which amounts to more than 6,000 homes in the past year. Privatizing remains attractive, thanks to the combination of rising purchase prices and unchanged regulations. CBRE has noticed that a number of institutional investors have also started selling out activities which, despite higher projections of new constructions, will create additional downward pressure on the available rental housing stock. the increasing expectations of new construction, may be putting increased pressure on the rental housing stock.

Interest in student housing is growing

Student housing investments show strong growth. In total, the investment volume amounts to € 323, divided over existing and new buildings. CBRE expects continued growth in the last quarter of this year, making 2025 a record year for this type of real estate.

Logistics and office market on the rise

The logistics market is showing a comeback, with an increase of 111% compared to the previous quarter, although the year volume remains 15% lower than a year ago. In the office market, CBRE sees an improvement in the number of bids per bidding process. CBRE registers an average of 7.5 bids per process, compared to 2.5 in 2023. Private equity parties, family offices, and the French SCPI are currently the most active players in this market.

"We are seeing a clear shift in market dynamics", according to Erik Langens, Managing Director CBRE. "Despite the geopolitical tensions, the logistics market is catching up, and we foresee an increase in transactions in new-build rental properties, mainly thanks to a growing supply and the involvement of Dutch capital. Overall, we expect the investment volume for the whole of 2025 to reach €12.4 billion, which represents an increase of more than 11% compared to last year.”

About CBRE Group, Inc
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.

 

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