Transaction activity across U.S. commercial real estate climbed roughly 20% in 2025, and fourth-quarter data shows pricing stabilizing in industrial, retail, and multifamily. But volume alone doesn’t signal a rebound. In this episode, we break down what the numbers actually mean: capital is re-entering the market because pricing has reset, underwriting has tightened, and risk is being quantified differently. This is not a momentum cycle — it’s a disciplined allocation phase where basis, execution, and structure will determine who wins and who misreads the recovery narrative.