Medical Office And AI Data Center Lead Biggest Commercial Real Estate Deals

For the second month in a row, commercial real estate transactions slowed. Transaction volume was 10% lower year-over-year in November 2025, with just 1,800 deals overall, according to monthly data provided by Moody's as a media exclusive to CNBC's Property Play. However, investors are leaning toward larger-scale acquisitions and bigger, higher-quality assets. All transaction sizes dropped markedly in November, except those sales greater than $100 million, which were 51% higher year-over-year. This pushed the average deal size in November to $14.2 million, compared with an average of $12 million since the start of 2019. The largest deal was a $7.2 billion medical office portfolio of 296 properties in 34 states was sold by Welltower to a joint venture of Remedy Medical Properties and Kayne Anderson Real Estate. The second-largest sale of the month, totaling $615 million, involved three industrial properties. SDC Capital Partners purchased 97 acres of land in Leesburg, Virginia, zoned for data center development. Reporting by: Diana Olick Edited by: Andrea Miller Senior Director of Video: Lindsey Jacobson Additional Footage: Getty Images » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Watch CNBC on the go with CNBC+: https://www.cnbc.com/WatchCNBCPlus About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to get ahead at work with AI? Sign up for CNBC's new online course, Beyond the Basics: How to Use AI to Supercharge Your Work. Learn advanced AI skills like building custom GPTs and using AI agents to boost your productivity today. Use coupon code EARLYBIRD for 25% off. Offer valid from Jan. 5 to Jan. 19, 2026. Terms apply. Sign up today: https://cnb.cx/4qKBe6H Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC on Threads: https://cnb.cx/threads Follow CNBC News on X: https://cnb.cx/FollowCNBC Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC #CNBC Medical Office And AI Data Center Lead Biggest Commercial Real Estate Deals