Apartment buildings fuel 41 percent surge in sales volume, but analysts warn market remains fragile compared to pre-pandemic levels

Washington’s commercial real estate market is showing signs of life after years of post-pandemic doldrums, with total sales volume surging 41 percent in the first half of 2025 to $5.38 billion, according to new data from the Commercial Brokers Association.

The recovery story, however, is largely being written by one asset class: multifamily properties. Apartment buildings and residential complexes accounted for a remarkable 50.4 percent of all sales volume in the second quarter, despite representing just 16 percent of total transactions—a concentration of market activity that hasn’t been seen since the office boom of early 2019.

“Multifamily continues to ca

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