Commercial real estate investment rankings are being impacted by a handful of large deals, particularly in data centers, rather than by a broad recovery across property types, according to CRE Daily.
Northern Virginia recorded $11.5 billion in CRE sales during the first half of 2026, a 259% increase from a year earlier, according to MSCI Real Capital Analytics data reported by GlobeSt. The region moved from 11th to first among U.S. markets, surpassing Dallas and Manhattan.
One Deal Drove Much Of The Surge
A $5.6 billion Digital Realty acquisition of four data center properties from Blackstone accounted for much of Northern Virginia’s jump. Data centers made up more than half of the region’s CRE sales during the period.
Dallas, which had ranked first for six consecutive years, recorded $11.4 billion in sales, roughly unchanged from the prior year. The difference shows how a small number of large transactions can dramatically change market rankings. Northern Virginia’s results were driven heavily by digital infrastructure rather than a pickup across the entire CRE market.
Data Centers Are Drawing Record Capital
The same pattern is showing up nationally. U.S. data center transaction volume reached $7.7 billion in the second quarter, an 1,806% increase from a year earlier. First-half volume reached $8.5 billion, up 476%.
Only 23 data center transactions closed during the second quarter, highlighting how much capital is concentrated in relatively few deals.
Other markets are benefiting from different property types. Chicago ranked third with $9.6 billion in first-half sales, supported by apartment and industrial transactions. Northern New Jersey reached $7.9 billion, with apartments accounting for 55% of its volume.
