The global market for real estate has experienced a significant growth since the financial crisis in 2008. The current global value amounts to more than $200 trillion and comprises nearly 60% of the value of all global assets, including equities, bonds, and gold. Yet, the commercial real estate market is inefficient and opaque due to its complicated due diligence processes and strategic behavior in complex multi-actor environments. Blockchain technology is often suggested as a disruptive technology that could increase efficiency, transparency and minimize transaction costs in various markets. Studies on blockchain point out that the technology has enormous potentials in the financial and real estate sector, but obviously has to overcome obstacles both business-, technological-, and adoption-wise. Even though the technology is still nascent, potential disintermediation of intermediaries such as notaries, banks, escrows and in particular brokers is a significant threat for them as they might no longer be necessary, at least in the same way. A qualitative explorative case study research combined with the application of Transaction Cost Economics is used to construct a decision path that can be followed to assess the applicability of blockchain technology and subsequently determine its impact on the sources of transaction costs. Following this decision path, we found that as of now, blockchain appears not to be the most suitable technology to function as a real-time, up to date database during commercial real estate transactions. Future research is suggested to focus on identifying the potential application and implications of property-specific building passports using smart contracts.