Cushman & Wakefield’s top 10 deals of 2025 reveal a market recalibrating on price, yield and conviction as capital returns to scale assets across office, industrial and development sites.

After two years of price discovery and constrained liquidity, 2025 marked a decisive shift in Australia’s commercial property cycle.

Cushman & Wakefield’s top 10 deals of the year—compiled using MSCI Real Capital Analytics data—show investors leaning back into large-format assets, with transaction volumes underpinned by sharper pricing, higher yields and a broader mix of domestic and offshore capital.