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**LightBox: CRE Activity Takes Seasonal Pause in December**
The latest LightBox Commercial Real Estate (CRE) Activity Index reflects a seasonal slowdown typical for year-end, amid continued market uncertainty. According to the data, the December 2025 index recorded a value of 86.9, marking a 13% decline from November’s figure of 99.4. While activity decreased, the pullback was less significant than usual December declines, and much more moderate than the approximately 30% decline seen between November and December in 2024, when post-election uncertainty had a stronger negative impact.
Unlike last year, when hesitation around post-presidential election fiscal policies suppressed market sentiment, the current dip is largely attributed to the expected slowdown from the holiday season. This includes decreases in listings, appraisals, and environmental due diligence, LightBox noted. Despite the monthly drop, activity in December 2025 was still 49% higher than in December 2024.
“With election-related uncertainty largely behind the market and capital availability improving, the December decline should be interpreted as transitional rather than structural,” LightBox stated.
Looking ahead, LightBox believes that the performance of the January 2026 Index will serve as a key early indicator of market momentum for the first quarter. This will be especially important as capital deployment strategies become more focused and a steady wave of loan maturities continues to bring new assets to the market.
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