By Northeast Private Client GroupEssex County, Massachusetts
Commercial Market Report
Data verified Q2 2026
Essex County closed 488 transactions totaling $1.53B in 2025, with deal count up 20.8% while dollar volume held essentially flat at -1.9%. More trades at smaller average deal sizes ($3.7M vs. $4.3M in 2024), driven by mid-market and private capital activity from Salem and Gloucester to Andover and Haverhill. Multifamily remained the volume leader at $746.5M across 109 transactions, with average price per unit rising to $331,193. Office staged the most notable recovery, with volume up 64.8% to $123.2M and PSF climbing from $102 to $166 as repositioned and owner-user assets led deal flow. Industrial posted a solid year with 51 deals at $213.0M and PSF rising to $178. Retail gained traction with 158 transactions and $179.7M, up 17.7% in volume, with PSF holding above $234. Cap rates averaged 6.9% market-wide, up modestly from 6.7% in 2024.
Q4 2025 led the year with 132 transactions and $503.8M in volume at a $4.7M avg. deal size and 6.7% avg. cap. Q2 2025 was the most active by deal count at 134 transactions. 2024’s Q2 ($532.1M) and Q4 ($627.3M) skewed the full-year 2024 base. 2026 Q1-Q2 combined show 185 deals at $437.4M, tracking ahead of 2025 by deal count and broadly in line on volume.
| Period | Transactions | Volume | Avg. price | Avg. cap |
|---|---|---|---|---|
| 2026 Q2 | 79 | $220.2M | $3,388,147 | 7.3% |
| 2026 Q1 | 106 | $217.2M | $2,496,282 | 6.5% |
| 2025 Q4 | 132 | $503.8M | $4,664,362 | 6.7% |
| 2025 Q3 | 117 | $320.8M | $3,604,277 | 7.7% |
| 2025 Q2 | 134 | $371.0M | $3,225,937 | 6.8% |
| 2025 Q1 | 105 | $331.5M | $3,417,568 | 6.5% |
| 2024 Q4 | 142 | $627.3M | $4,612,217 | 6.7% |
| 2024 Q3 | 88 | $197.1M | $2,432,858 | 6.4% |
| 2024 Q2 | 100 | $532.1M | $6,186,803 | 7.2% |
| 2024 Q1 | 74 | $200.4M | $3,181,592 | 6.8% |
| 2023 Q4 | 118 | $280.1M | $2,667,621 | 6.5% |
| 2023 Q3 | 118 | $237.0M | $2,520,842 | 6.4% |
| 2023 Q2 | 97 | $212.8M | $2,503,735 | 6.8% |
| 2023 Q1 | 98 | $180.6M | $2,345,408 | 6.6% |
All four asset classes sit at positive leverage in Essex County. Multifamily leads at +120bps over agency debt. Retail (+138bps) and Office (+188bps) both carry wider spreads over conventional debt. Industrial is modestly positive at +28bps.
| Transactions | 109 |
| Total volume | $746.5M |
| Avg. cap | 6.6% |
| Avg. price/unit | $331,193 |
| YoY volume | -9.5% |
| YoY transactions | +18.5% |
| Transactions | 100 |
| Total volume | $123.2M |
| Avg. cap | 8.2% |
| Avg. price/SF | $166.17 |
| YoY volume | +64.8% |
| YoY transactions | +53.8% |
| Transactions | 51 |
| Total volume | $213.0M |
| Avg. cap | 6.6% |
| Avg. price/SF | $178.38 |
| YoY volume | +14.1% |
| YoY transactions | +10.9% |
| Transactions | 158 |
| Total volume | $179.7M |
| Avg. cap | 7.7% |
| Avg. price/SF | $234.51 |
| YoY volume | +17.7% |
| YoY transactions | +15.3% |
| Transactions | 488 |
| Total volume | $1,527.0M |
| Avg. cap | 6.9% |
| Avg. PSF | $231.67 |
| YoY volume | -1.9% |
| YoY transactions | +20.8% |
Multifamily posted 109 transactions and $746.5M in 2025, down 9.5% from $824.8M in 2024 as avg. deal sizes pulled back from $9.2M to $8.0M. Transaction count rose 18.5%. Average price per unit climbed to $331,193 from $306,864 in 2024, and cap rates edged up to 6.6% from 6.4%. 2026 YTD shows 35 deals at $52.4M with a 7.0% avg. cap and $210K avg. PPU, consistent with smaller assets transacting early in the year.
| Period | Transactions | Volume | Avg. price | Avg. price/unit | Avg. cap |
|---|---|---|---|---|---|
| 2026 YTD | 35 | $52.4M | $1,689,613 | $210,114 | 7.0% |
| 2025 | 109 | $746.5M | $8,026,827 | $331,193 | 6.6% |
| 2024 | 92 | $824.8M | $9,164,699 | $306,864 | 6.4% |
| 2023 | 89 | $206.2M | $2,484,828 | $161,652 | 6.5% |
| 2022 | 133 | $867.6M | $6,941,120 | $290,345 | 6.1% |
Office recorded 100 transactions and $123.2M in 2025, up 64.8% from $74.8M in 2024, making it the strongest YoY performer in the county. Transaction count rose 53.8% from 65 to 100. Average PSF climbed from $102.45 to $166.17, the highest in the four-year dataset, driven by repositioned, owner-user, and mixed-use conversion assets. The 8.2% avg. cap sits 188bps above conventional debt cost. 2026 YTD shows 38 deals at $46.1M and $175/SF at a 7.3% avg. cap, suggesting continued healthy flow with improving pricing discipline.
| Period | Transactions | Volume | Avg. price | Avg. price/SF | Avg. cap |
|---|---|---|---|---|---|
| 2026 YTD | 38 | $46.1M | $1,589,691 | $175.14 | 7.3% |
| 2025 | 100 | $123.2M | $1,580,073 | $166.17 | 8.2% |
| 2024 | 65 | $74.8M | $1,312,282 | $102.45 | 8.5% |
| 2023 | 77 | $98.0M | $1,885,387 | $138.52 | 8.3% |
| 2022 | 102 | $214.8M | $2,943,067 | $224.78 | 5.6% |
Industrial closed 51 transactions at $213.0M in 2025, up 14.1% from $186.8M in 2024, with deal count rising from 46 to 51. Average PSF increased from $154.14 to $178.38, and cap rates compressed from 7.3% to 6.6%, the lowest in the four-year dataset. Route 128 and I-495 corridor logistics demand anchors activity; life science overflow from Cambridge is supporting flex industrial demand. 2026 YTD shows 29 deals at $104.5M and $136/SF at an 8.6% cap, reflecting early-year flow weighted toward smaller assets at reset pricing.
| Period | Transactions | Volume | Avg. price | Avg. price/SF | Avg. cap |
|---|---|---|---|---|---|
| 2026 YTD | 29 | $104.5M | $4,354,548 | $136.06 | 8.6% |
| 2025 | 51 | $213.0M | $4,631,333 | $178.38 | 6.6% |
| 2024 | 46 | $186.8M | $4,555,950 | $154.14 | 7.3% |
| 2023 | 48 | $190.7M | $4,889,970 | $158.70 | 5.5% |
| 2022 | 62 | $361.8M | $6,347,785 | $171.78 | 7.2% |
Retail recorded 158 transactions and $179.7M in 2025, up 17.7% from $152.7M in 2024, with deal count rising 15.3% from 137 to 158. Average PSF of $234.51 held firmly above the 2024 level of $212.58, reflecting demand for quality main-street, strip, and mixed-use retail across Essex County’s suburban and coastal communities. Cap rates held at 7.7%, unchanged from 2024, offering a 138bps positive spread over conventional debt. 2026 YTD shows 53 deals at $103.8M and $221/SF at a 5.9% avg. cap, tracking well ahead of 2025’s pace by both deal count and dollar volume.
| Period | Transactions | Volume | Avg. price | Avg. price/SF | Avg. cap |
|---|---|---|---|---|---|
| 2026 YTD | 53 | $103.8M | $2,359,239 | $221.39 | 5.9% |
| 2025 | 158 | $179.7M | $1,393,203 | $234.51 | 7.7% |
| 2024 | 137 | $152.7M | $1,231,645 | $212.58 | 7.7% |
| 2023 | 166 | $248.7M | $1,727,323 | $250.65 | 6.9% |
| 2022 | 210 | $397.3M | $2,080,281 | $183.88 | 5.6% |
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What’s My Property Worth?Northeast Private Client Group · Data sourced from CoStar Inc., Landvision, and Public Records. Verified Q1 2026. This report is for informational purposes only and does not constitute investment advice.
Financing Conditions Sources: 10-yr Treasury: Federal Reserve H.15 / Trading Economics, May 15, 2026 · Agency MF rate and LTV: CBRE Agency Pricing Index, Q1 2026 · CRE loan spreads: CBRE Q1 2026 Lending Momentum Report, 55-65% LTV, 7-10yr fixed
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