IRVINE, Calif., April 7, 2025 -- LightBox, a leading provider of commercial real estate (CRE) data and technology, today reported that its CRE Activity Index rose sharply to 104.4 in March, marking the highest level since June 2022 and only the second triple-digit reading in nearly three years. The 4.7% month-over-month and 25.2% year-over-year gains point to growing momentum in the CRE sector. But just days after March ended, the market was hit with a fresh wave of uncertainty following last week's announcement of sweeping new tariffs, injecting renewed volatility into an already uneven economic environment.
"While volatility rattled other parts of the market, March's index highlights the commercial real estate sector's resilience," said Manus Clancy, head of Data Strategy at LightBox. "Rising listings and consistent lender activity show that investors found opportunities, even in this uncertain economic environment."
The LightBox CRE Activity Index measures national activity across commercial property listings, environmental due diligence, and appraisals—key functions that support CRE transactions and collectively serve as a leading indicator of deal activity. The Index is normalized to account for variations in the number of business days per month, providing a consistent measure of market trends.
March's triple-digit index reading signals increasing transactional velocity across asset types and geographies. Each of the three core metrics behind the Index reflects a clear trajectory of growth:
- Property listings jumped 56% year-over-year, more than double where they were at year-end 2024.
- Phase I environmental site assessments (typically conducted prior to major CRE loans or transactions) rose 3% year-over-year and a more significant 12% over February volume.
- Lender-driven commercial appraisal awards climbed 6% year-over-year and increased by 5% from February.
While equities declined and the 10-year Treasury yield swung sharply in March, LightBox analysis suggests the CRE market may be decoupling from broader market volatility, buoyed by investor interest in income-producing assets and distressed opportunities.
"Commercial real estate deal activity is showing real momentum, with investors reengaging across both distressed and stabilized assets," said Dianne Crocker, research director at LightBox. "March's Index reaching a new high is an encouraging sign—but with last week's sweeping tariff announcement injecting fresh uncertainty into the market, the outlook for April is far less predictable. Volatility is back in play, and that could influence how capital moves in the near term."
The report highlights that March's index strength occurred despite mixed economic signals last month: a spike in core PCE inflation, softening consumer sentiment, and concerns over proposed tariffs and supply chain disruption. CRE professionals remain cautiously optimistic, with the industrial, multifamily, and data center sectors continuing to draw the strongest interest amid an otherwise uncertain economic backstop.
"March's triple-digit reading points to growing momentum, suggesting that CRE may have emerged as a relative safe haven—for now," emphasized Clancy. "But with uncertainty mounting around global trade, inflation, and labor, whether that status holds will depend on how key economic indicators play out in the months ahead."
Take a Closer Look at the March Numbers
About LightBox
At LightBox, we are at the forefront of delivering advanced and precise solutions for commercial real estate intelligence. Our dedication to innovation propels real estate professionals forward by providing them with the essential tools required to navigate complex decisions, minimize risk, and boost productivity across the spectrum of real estate operations. LightBox is renowned for its commitment to promoting excellence and fostering connections in the industry, serving an extensive clientele of over 30,000 customers. Our diverse client base spans commercial and government sectors, including but not limited to brokers, developers, investors, lenders, insurers, technologists, environmental advisors, appraisers, and other businesses that depend on geospatial information. To discover more about how LightBox can illuminate the path to informed real estate solutions, visit us at: www.LightBoxRE.com
Media inquiries: media@lightboxRE.com
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