Manhattan's office leasing market closed 2025 on a high note, registering its strongest quarterly activity since the end of 2019, as tech-driven demand, shrinking availability, and rising rents signal a sustained recovery heading into 2026.
U.S. commercial real estate lending surged at the end of 2025, signaling renewed momentum across large segments of the property finance market as interest-rate volatility eased and banks re-entered the arena with greater conviction.
Ultra-prime residential property markets closed the year with a surge in blockbuster transactions, even as annual momentum cooled modestly from mid-year highs, underscoring a bifurcated global luxury housing landscape shaped by tax policy, cross-border capital flows and shifting investor sentiment.
The median sale price of a luxury home in the United States climbed 4.6% from a year earlier to $1.31 million in December, significantly outpacing gains in the broader housing market, where non-luxury prices rose just 1.4% to $375,000 -- the slowest rate of appreciation recorded since tracking began in 2013.
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