By DON FENLEY

The Tri-Cities commercial real estate market posted 142 transactions in April 2026. The volume was essentially unchanged from 141 in April 2025.

The headline story is industrial sector’s disappearing act. April 2026 produced zero industrial transactions after five closings in April 2025. The year-to-date picture confirms this isn’t a one-month anomaly. Industrial has logged just six transactions through the first four months of 2026 compared to 14 in the same period last year. That’s a 57% drop and the sharpest year-over-year deterioration of any commercial real estate sector.

Office and retail transactions are moving the opposite direction. Office doubled its April output — six closings versus three a year ago, and retail improved to five from three. Both sectors are quietly filling in the volume that industrial shed, with YTD totals of 22 and 21, respectively, compared to 21 and 18 through April 2025.

Multifamily matched the April 2025 volume with nine transactions and is tracking closely to last year’s 32 v. 36 YTD closings pace. This sector is the second-largest by volume and one of the most consistent performers in the market.

Land sales remain the market’s dominant driver, accounting for roughly 85% of the region’s commercial transactions. April’s 122 closings were nearly identical to April 2025’s 121. The YTD totals are similarly aligned with  415 in 2026 vs. 424 in 2025.

The overall YTD count of 497 transactions trails 2025’s 513 by about 3%. Strip out industrial’s decline and the rest of the market is performing comparably to a year ago.

Active Inventory Elevated but Pulling Back From a March Peak

Active commercial inventory closed April at 610 listings. It’s down from the March 2026 peak of 666 and modestly below April 2025’s 636. The month-over-month pullback suggests some absorption is taking hold, though inventory remains above the range seen through most of mid-2025.

The past year’s inventory arc has been volatile rather than directional. Supply fell from April 2025’s 636 to a low of 514 in August. It recovered sharply to 628 in September, compressed again through the fall, and then rebuilt steadily into the March spike. At 610, April sits near the midpoint of the 13-month range of 514 to 666.

New Listings Below Last Spring’s Pace

New commercial listings came in at 81 in April 2026, down 17% from April 2025’s 98. That’s the second-highest monthly reading in the prior year’s series. The 2026 pace has been relatively steady. The March reading matched year-ago levels, but the broader spring comparison shows fresh supply entering the market more slowly than a year ago.

With transactions holding near last year’s pace and new listings running lean, the market appears to be processing available inventory efficiently. The pipeline isn’t expanding, but demand is keeping up.

Categories: REAL ESTATE