2025 Q1 North America Market Report

Market Overview

Lee & Associates’ Q1 2025 report highlights shifting dynamics in commercial real estate, with multifamily construction moderating across North America. Sun Belt and Midwest metros continue to see notable supply, yet absorption lags in several logistics-heavy markets. While this report leans heavily toward industrial performance, it contextualizes the broader economic backdrop—characterized by easing consumer demand, rising tariffs, and cautious capital deployment—that also influences multifamily investment trends.

About Lee & Associates

Lee & Associates is a full-service commercial real estate firm with offices in more than 80 markets across North America. What sets the company apart is its broker-owned model, which fosters accountability and local expertise. The firm provides brokerage, valuation, project management, and research services. Its quarterly market reports offer national and metro-level insights across property types, including multifamily, helping investors track construction trends, market rent shifts, and capital markets activity.