LightBox CRE Activity Index for July Remains Strong, But Slightly Off June's Peak

IRVINE, Calif., Aug. 7, 2025 /PRNewswire/ -- LightBox, a leading provider of commercial real estate (CRE) data and technology, reported a July CRE Activity Index reading of 112.4, just off June's multi-year high of 115.6 and 13% higher than one year ago. The latest data points to a CRE market actively engaged, with accessible capital, consistent deal flow, and improving sentiment, despite growing uncertainty around interest rates and tariffs.

The latest LightBox Index reading remained well above the 100-point benchmark that signals healthy market activity, extending a six-month streak of triple-digit performance.

"July's Index reflects a market actively executing across the deal pipeline," said Manus Clancy, head of Data Strategy at LightBox. "We're seeing healthy activity across the core functions that power CRE deals: valuation, environmental due diligence, and property listings. Each area is contributing to a foundation for increased transaction flow in the coming months."

The Index tracks aggregate daily activity across environmental due diligence, commercial property listings, and lender-initiated appraisals, each of which precedes property transactions and loan originations, making them valuable early indicators of market momentum. In July alone, the Index captured more than 30,000 data points tied to these critical functions:

• Commercial property listings contracted modestly, with daily volume down 7% below June's strong activity but a healthy 47% higher than last July when the market was still on the sidelines.
• Volume of Phase I ESA activity was down 6% after a strong June performance, but up 5% year-over- year, in its third-strongest month of 2025 (behind June and March).
• Lender-driven commercial appraisal volume rebounded strongly with a 13% uptick from June, continuing its two-month trend after a brief and modest May slowdown.

The report notes that still-elevated interest rates and the August 1 rollout of new tariffs, especially on steel, aluminum, and other imported components, are adding pricing uncertainty, particularly in housing and infrastructure-related projects. Yet industry sentiment is showing signs of improvement. LightBox's Mid-Year CRE Sentiment Survey found that 76% of respondents expect activity to hold steady or increase in the second half of the year, with particular strength in multifamily, retail, and select office markets.

"Lenders are back in the game across asset classes, and we're seeing clear momentum in early-stage deal activity," said Dianne Crocker, research director at LightBox. "Despite ongoing uncertainty, the market is moving, and capital is clearly in play. That's the signal we're getting from the data, month after month."

Recent indicators point to solid footing as Q3 progresses, with new listings, robust environmental due diligence, and increased appraisal volume all contributing to higher lending and transaction flow. While macroeconomic variables including inflation, labor market trends, and trade policy continue to shape the backdrop, the LightBox CRE Activity Index offers a real-time view of market behavior.

"The data tells a clear story," Clancy added. "Deals are getting done, capital is moving, and lenders remain active. Even modest progress on interest rates or trade clarity could unlock greater momentum in the August and September Index as the market builds on July's activity."

Download the July CRE Activity Index 

About LightBox

At LightBox, we are at the forefront of delivering advanced and precise solutions for commercial real estate intelligence. Our dedication to innovation propels real estate professionals forward by providing them with the essential tools required to navigate complex decisions, minimize risk, and boost productivity across the spectrum of real estate operations. LightBox is renowned for its commitment to promoting excellence and fostering connections in the industry, serving an extensive clientele of over 30,000 customers. Our diverse client base spans commercial and government sectors, including but not limited to brokers, developers, investors, lenders, insurers, technologists, environmental advisors, appraisers, and other businesses that depend on geospatial information. To discover more about how LightBox can illuminate the path to informed real estate solutions, visit us at: www.LightBoxRE.com

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SOURCE LightBoxRE