LightBox Index Shows Softest Seasonal Dip in Years as CRE Positions for 2026 Rebound

IRVINE, Calif., Dec. 16, 2025 /PRNewswire/ -- LightBox, a leading provider of commercial real estate data and technology, today released its November CRE Activity Index, which registered 99.4, down from 106.2 in October. While the Index fell back into double-digit territory for the first time since January, November's 6% decline was far milder than the historical 14% seasonal drop, setting the stage for potentially more active start to 2026.

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The LightBox CRE Activity Index is a composite of more than 30,000 real-time market signals spanning commercial property listings, lender appraisals, and environmental due diligence, capturing the earliest indicators of U.S. commercial real estate momentum.

"November's dip is more about seasonality than stress and was far softer than normal for this time of year," remarked Manus Clancy, head of Data Strategy at LightBox. "With activity still well above last year's levels, the Index points to market moving ahead with measured confidence."

November Index Highlights:

• Commercial listings daily average fell 16% month-over-month, though levels remain 37% above last year, a sign of sellers' confidence as prices stabilize.
• Phase I ESA activity rose 1% from October and 12% year-over-year, underscoring steady early-stage deal preparation.
• Lender-driven appraisals increased 5% month-over-month and 7% year-over-year, marking an eleven-month stretch of remarkable stability.

The report notes that credit availability continued to improve across banks, insurers, debt funds, and CMBS providers, while lower Treasury yields supported refinancing pipelines late in the month. Public-sector activity, which slowed during the shutdown, also rebounded in November, and investor engagement remained broad-based across industrial, multifamily, data centers, and select retail segments.

"The CRE market is transitioning from volatility to a more orderly environment," added Dianne Crocker, research director at LightBox. "Capital is returning to the table, refinancing demand is strengthening, and key sectors are showing clearer signs of stabilization. November's reading suggests a market preparing for more active deployment in 2026."

Despite mixed macros signals—from weakening labor metrics to uneven sentiment readings—November's Index remains well above the 83.3 recorded during last year's election-driven slowdown, pointing to a market about to enter 2026 on firmer footing based on strong liquidity and improving prospects for dealmaking.

Download the November CRE Activity Index Report

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