By Northeast Private Client GroupMid-Hudson Valley, New York
Commercial Market Report
Q1 2026 · Mid-Hudson Valley, NY · Data verified Q1 2026
Putnam · Orange · Dutchess · Ulster
Mid-Hudson Valley closed 519 transactions totaling $784.6M in 2025, with deal count down 12.2% and dollar volume down 14.0% from 2024. The pullback reflects a market recalibrating after a high-water 2024, though the story varies meaningfully by asset class. Retail was the volume anchor at $225.9M across 226 transactions with improving average PSF of $222.69 and a 7.4% avg. cap. Office showed the most momentum with volume up 16.9% to $97.1M and PSF rising sharply from $87 to $157. Industrial volume nearly doubled to $199.0M as larger assets traded along the I-87 and I-84 corridors. Multifamily rebounded 76% to $110.7M with average price per unit climbing to $134,803. Cap rates averaged 7.8% market-wide, compressing modestly from 8.0% in 2024.
Q4 2025 led the year with 146 transactions and $268.3M in volume at a $2.6M avg. deal size. Q1 2026 carried forward with 98 deals at $82.3M. Q2 2026 QTD shows 36 transactions at $28.4M with cap rates ticking up to 8.3%, suggesting continued price discovery. 2024’s Q1 outsized $434M quarter skewed the full-year base; the 2025 pace is more consistent quarter-to-quarter.
| Period | Transactions | Volume | Avg. price | Avg. cap |
|---|---|---|---|---|
| 2026 Q2 QTD | 36 | $28.4M | $1,137,084 | 8.3% |
| 2026 Q1 | 98 | $82.3M | $1,246,932 | 8.0% |
| 2025 Q4 | 146 | $268.3M | $2,630,755 | 7.7% |
| 2025 Q3 | 120 | $155.9M | $1,752,098 | 7.7% |
| 2025 Q2 | 140 | $168.0M | $1,631,390 | 7.5% |
| 2025 Q1 | 113 | $192.3M | $2,288,753 | 8.2% |
| 2024 Q4 | 146 | $128.4M | $1,246,454 | 8.6% |
| 2024 Q3 | 136 | $184.2M | $1,860,256 | 8.0% |
| 2024 Q2 | 138 | $166.1M | $1,432,040 | 7.8% |
| 2024 Q1 | 171 | $434.1M | $3,418,302 | 7.8% |
| 2023 Q4 | 147 | $230.6M | $2,096,272 | 7.1% |
| 2023 Q3 | 126 | $152.7M | $1,735,707 | 10.2% |
| 2023 Q2 | 178 | $186.9M | $1,405,008 | 7.3% |
| 2023 Q1 | 151 | $178.3M | $1,523,694 | 6.5% |
Multifamily carries the widest positive spread at +210bps over agency debt. Retail sits at +108bps. Industrial is modestly positive at +38bps. Office’s 9.8% cap reflects distressed, value-add, and repositioned product driving deal flow.
| Transactions | 55 |
| Total volume | $110.7M |
| Avg. cap | 7.5% |
| Avg. price/unit | $134,803 |
| YoY volume | +76.1% |
| YoY transactions | +10.0% |
| Transactions | 98 |
| Total volume | $97.1M |
| Avg. cap | 9.8% |
| Avg. price/SF | $157.13 |
| YoY volume | +16.9% |
| YoY transactions | +2.1% |
| Transactions | 226 |
| Total volume | $225.9M |
| Avg. cap | 7.4% |
| Avg. price/SF | $222.69 |
| YoY volume | -3.9% |
| YoY transactions | -5.0% |
| Transactions | 57 |
| Total volume | $199.0M |
| Avg. cap | 6.7% |
| Avg. price/SF | $99.17 |
| YoY volume | +82.8% |
| YoY transactions | -16.2% |
Multifamily posted 55 transactions and $110.7M in volume in 2025, up 76.1% from $62.9M in 2024. Average price per unit rose to $134,803 from $110,085 and cap rates came in at 7.5%, down slightly from 7.9% in 2024. The 2022-2023 vintage saw larger avg. deal sizes ($3.9M and $3.1M), suggesting the market has shifted toward smaller mid-market trades. 2026 YTD shows 12 deals at $11.4M with an 8.6% avg. cap, with early-year flow skewed toward smaller assets but representing favorable buyer returns.
| Period | Transactions | Volume | Avg. price | Avg. price/unit | Avg. cap |
|---|---|---|---|---|---|
| 2026 YTD | 12 | $11.4M | $1,623,400 | $80,594 | 8.6% |
| 2025 | 55 | $110.7M | $2,766,823 | $134,803 | 7.5% |
| 2024 | 50 | $62.9M | $1,571,465 | $110,085 | 7.9% |
| 2023 | 50 | $102.4M | $3,103,818 | $165,738 | 8.1% |
| 2022 | 32 | $104.6M | $3,874,133 | $162,620 | 7.1% |
Office recorded 98 transactions and $97.1M in volume in 2025, up 16.9% from $83.1M in 2024. Average PSF rose sharply from $87.34 to $157.13 — the highest in the four-year dataset — driven by repositioned and value-add assets. The 9.8% avg. cap reflects the risk premium buyers demand, though it is down from prior levels. 2026 YTD shows 15 deals at $7.8M with PSF at $80.91, suggesting early-year flow is dominated by smaller commodity assets.
| Period | Transactions | Volume | Avg. price | Avg. price/SF | Avg. cap |
|---|---|---|---|---|---|
| 2026 YTD | 15 | $7.8M | $646,167 | $80.91 | N/A |
| 2025 | 98 | $97.1M | $1,244,936 | $157.13 | 9.8% |
| 2024 | 96 | $83.1M | $1,092,863 | $87.34 | 7.1% |
| 2023 | 94 | $62.1M | $913,114 | $125.96 | 7.8% |
| 2022 | 86 | $43.9M | $664,525 | $71.20 | 6.5% |
Retail closed 226 transactions at $225.9M in 2025, down modestly from 238 trades and $235.1M in 2024, but avg. PSF climbed 30% from $171 to $223 — the highest in the dataset — indicating quality or better-located assets trading. At 7.4% cap, retail sits at +108bps over conventional debt. 2026 YTD shows 56 deals at $53.6M and $168/SF at a 7.3% avg. cap, on pace to match or exceed 2025 activity.
| Period | Transactions | Volume | Avg. price | Avg. price/SF | Avg. cap |
|---|---|---|---|---|---|
| 2026 YTD | 56 | $53.6M | $1,373,315 | $168.43 | 7.3% |
| 2025 | 226 | $225.9M | $1,386,041 | $222.69 | 7.4% |
| 2024 | 238 | $235.1M | $1,399,622 | $171.08 | 8.1% |
| 2023 | 273 | $253.1M | $1,234,766 | $186.77 | 7.9% |
| 2022 | 186 | $209.3M | $1,367,718 | $131.24 | 7.6% |
Industrial recorded 57 transactions and $199.0M in 2025, up 82.8% from $108.9M in 2024, driven by a surge in avg. deal size from $1.8M to $5.1M. Transaction count declined from 68 to 57 — fewer but larger assets. Cap rates compressed from 10.1% to 6.7%, signaling meaningfully improved buyer pricing discipline. 2022 remains the high-water mark at $279.7M across 99 deals. 2026 YTD shows 22 deals at $26.6M with an 8.8% avg. cap, reflecting continued demand at reset pricing.
| Period | Transactions | Volume | Avg. price | Avg. price/SF | Avg. cap |
|---|---|---|---|---|---|
| 2026 YTD | 22 | $26.6M | $1,775,971 | $68.56 | 8.8% |
| 2025 | 57 | $199.0M | $5,103,205 | $99.17 | 6.7% |
| 2024 | 68 | $108.9M | $1,814,573 | $106.19 | 10.1% |
| 2023 | 44 | $81.7M | $2,476,540 | $116.52 | 7.7% |
| 2022 | 99 | $279.7M | $3,290,205 | $68.93 | 4.9% |
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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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