By Northeast Private Client GroupSuffolk County, Massachusetts
Commercial Market Report
Q4 2025 · Suffolk County, MA · Data verified Q1 2026
Suffolk County closed 397 transactions totaling $2.59B in 2025, with deal count up 16.4% from 2024 and dollar volume down 27.2%. The story is straightforward: more trades, but smaller ones. Average deal size compressed from $10.4M to $6.5M as large institutional portfolio transactions pulled back and mid-market owner-operators drove the bulk of activity. Retail was the breakout sector with 105 deals and 40% volume growth. Multifamily led by dollar volume at $872M across 184 transactions, though average price per unit declined to $342,179 from $431,133 in 2024. Office held nearly flat at $803M but average PSF dropped 37% to $241, reflecting continued repricing. Industrial was the outlier in the wrong direction: just 8 transactions and $19.1M, the weakest year on record. Cap rates averaged 5.9% market-wide, sitting at or below current debt cost across most asset classes.
Q2 led 2025 by volume at $791M across 101 transactions, while Q4 posted the highest average deal size at $9.5M on 86 trades, suggesting larger assets closed late in the year. Q3 was the most active by deal count at 111 transactions but averaged only $4.6M per trade, reflecting heavy mid-market activity. Cap rates climbed from 5.2% in Q1 to 6.3% in Q4 as sellers adjusted pricing expectations through the year, averaging 5.9% for the full year. Q1 and Q2 of 2022 combined for $4.54B in volume across 230 transactions at an average of $19.7M per deal, a pace that has not been approached since.
| Period | Transactions | Volume | Avg. price | Avg. cap |
|---|---|---|---|---|
| 2025 Q4 | 86 | $723.5M | $9,519,472 | 6.3% |
| 2025 Q3 | 111 | $455.7M | $4,556,912 | 6.0% |
| 2025 Q2 | 101 | $791.3M | $8,329,779 | 6.2% |
| 2025 Q1 | 99 | $617.6M | $6,862,055 | 5.2% |
| 2024 Q4 | 86 | $1.07B | $13,054,541 | 6.1% |
| 2024 Q3 | 110 | $1.01B | $10,383,137 | 5.6% |
| 2024 Q2 | 83 | $787.7M | $9,971,271 | 6.5% |
| 2024 Q1 | 62 | $687.7M | $11,655,345 | 6.5% |
| 2023 Q4 | 67 | $770.2M | $12,625,999 | 6.2% |
| 2023 Q3 | 71 | $415.7M | $6,113,345 | 5.7% |
| 2023 Q2 | 80 | $886.1M | $11,814,978 | 5.7% |
| 2023 Q1 | 65 | $422.5M | $6,926,388 | 6.0% |
| 2022 Q4 | 115 | $554.6M | $4,996,648 | 5.7% |
| 2022 Q3 | 133 | $1.17B | $9,614,646 | 6.0% |
| 2022 Q2 | 141 | $2.24B | $16,483,279 | 5.2% |
| 2022 Q1 | 89 | $2.30B | $27,666,636 | 5.2% |
*Multifamily is the only sector near positive leverage, aided by agency financing at 5.30%. Retail and office sit 82bps below cost of debt, requiring rent growth or value-add upside. Industrial cap estimated from 2024 (6.0%) — insufficient 2025 transactions for reliable reading.
| Transactions | 184 |
| Total volume | $872M |
| Avg. cap | 5.9% |
| Avg. price/unit | $342,179 |
| YoY volume | -52.9% |
| YoY transactions | +21.9% |
| Transactions | 105 |
| Total volume | $390M |
| Avg. cap | 5.5% |
| Avg. price/SF | $703.68 |
| YoY volume | +45.4% |
| YoY transactions | +40.0% |
| Transactions | 8 |
| Total volume | $19.1M |
| Avg. cap | N/A |
| Avg. price/SF | $121.44 |
| YoY volume | -87.7% |
| YoY transactions | -55.6% |
| Transactions | 67 |
| Total volume | $803M |
| Avg. cap | 5.5% |
| Avg. price/SF | $241.33 |
| YoY volume | -1.5% |
| YoY transactions | +11.7% |
Multifamily posted 184 transactions in 2025 — the highest deal count in the four-year dataset — but total volume fell 52.9% from $1.85B to $872M as large portfolio trades gave way to smaller mid-market assets. Average deal size compressed from $12.4M to $5.0M, and average price per unit declined from $431,133 to $342,179. Cap rates came in at 5.9%, consistent with 5.8% in 2023. Looking ahead, 2026 YTD shows 44 transactions at $293M with a 6.5% average cap, suggesting activity is reaccelerating with modestly better buyer returns.
| Period | Transactions | Volume | Avg. price | Avg. price/unit | Avg. cap |
|---|---|---|---|---|---|
| 2025 | 184 | $872.2M | $4,955,654 | $342,179 | 5.9% |
| 2024 | 151 | $1.85B | $12,422,222 | $431,133 | 6.2% |
| 2023 | 102 | $931.0M | $9,217,418 | $555,698 | 5.8% |
| 2022 | 183 | $1.75B | $9,641,517 | $453,896 | 5.4% |
Office recorded 67 transactions and $803M in volume in 2025 — nearly flat with 2024’s $815M. Average price per square foot fell from $385 in 2024 to $241, part of a three-year decline from $771 in 2022. At 5.5% against a 6.32% cost of debt, most acquisitions require a value-add thesis. Notably, 2026 Q1 showed a cap rate spike to 11.4% on 24 transactions totaling $305M — likely signaling the early arrival of distressed or deeply repriced product entering the market.
| Period | Transactions | Volume | Avg. price | Avg. price/SF | Avg. cap |
|---|---|---|---|---|---|
| 2025 | 67 | $802.9M | $13,608,691 | $241.33 | 5.5% |
| 2024 | 60 | $815.4M | $15,385,833 | $385.48 | 6.5% |
| 2023 | 44 | $566.2M | $14,517,667 | $480.45 | 6.6% |
| 2022 | 62 | $1.78B | $34,211,800 | $771.13 | 8.2% |
Retail was the strongest performing sector in 2025 with 105 transactions and $390M in volume, up 40% in deal count and 45.4% in volume from 2024. Average price per square foot hit $703.68 — the highest in the dataset. Cap rates averaged 5.5%, down from 5.8% in 2024. Early 2026 shows 26 transactions at $85.1M and a 6.8% average cap, suggesting buyers are requiring better returns as the year opens.
| Period | Transactions | Volume | Avg. price | Avg. price/SF | Avg. cap |
|---|---|---|---|---|---|
| 2025 | 105 | $390.0M | $4,482,471 | $703.68 | 5.5% |
| 2024 | 75 | $268.3M | $3,625,450 | $535.58 | 5.8% |
| 2023 | 90 | $205.6M | $2,390,160 | $452.93 | 6.5% |
| 2022 | 156 | $463.2M | $3,216,439 | $503.36 | 5.4% |
Industrial had its worst year on record in 2025: just 8 transactions and $19.1M in volume, down 87.7% from 2024’s $155.1M. Average PSF collapsed from $331.83 to $121.44. However, 2026 YTD is encouraging: 4 transactions at $36.7M and $243.93 per SF — institutional-quality product appears to be finding a market at reset pricing.
| Period | Transactions | Volume | Avg. price | Avg. price/SF | Avg. cap |
|---|---|---|---|---|---|
| 2025 | 8 | $19.1M | $2,381,750 | $121.44 | N/A |
| 2024 | 18 | $155.1M | $9,125,694 | $331.83 | 6.0% |
| 2023 | 20 | $191.7M | $9,583,779 | $331.74 | N/A |
| 2022 | 25 | $289.1M | $11,562,607 | $481.39 | N/A |
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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.
Sources: 10-yr Treasury: Federal Reserve H.15 / Trading Economics, April 28, 2026 · Agency MF rate & LTV: CBRE Agency Pricing Index & Q4 2025 Lending Momentum Report · CRE loan spreads: CBRE Q4 2025, 55–65% LTV, 7–10yr fixed · Boston MF cap rates: CBRE Q1 2026 · Boston office: JLL Boston Office Market Dynamics, Q4 2025
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