Multifamily transactions drove $2.1B in commercial real estate sales, up 28.5% year-over-year, despite high borrowing costs.
Los Angeles County commercial real estate sales totaled $2.1B in July, a 28.5% increase from July 2025, driven by strong multifamily demand. Roughly 7.25M square feet traded, up 22% year-over-year, with volume rising 75% compared to July 2024.
Multifamily accounted for $1.22B, or 58% of total sales, with pricing up 28.7% to $376 per square foot. Retail also saw gains, with $402M in sales, a 40% increase from a year ago. Office was the only sector to decline, with pricing down 23.5% to $250 per square foot.
The surge occurred despite elevated borrowing costs, as long-term Treasury yields remain near multiyear highs. Capital continued flowing into favored asset classes, particularly multifamily and retail.