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RCA CPPI: Pricing Resumes Decline but Fares Better Than a Year Ago
Commercial property prices fell in July from the prior year, resuming the declining trend after June represented a hiatus, according to MSCI Real Assets. The RCA CPPI US National All-Property Index declined 1.0% from July 2023.
However, prices are faring better compared to this time last year, when the index posted a 10.8% year-over-year decline. The index has posted three consecutive monthly increases, and in July prices rose 0.3% from June.
Industrial was the only property type with a positive annual gain in July, as prices jumped 9.1% Y-O-Y for the fastest rate of increase the index has posted in nearly two years. In July 2023, industrial prices were down 0.6% Y-O-Y.
Conversely, the apartment index was the sole sector index that didn’t show an improving annual price trend compared to June. Prices for the property type fell 8.4% from last July and 0.7% from June. The apartment sector had posted lessening declines as 2023 ended, but the annual pace of decrease has picked up over the past four months.
- ◦Sale/Acquisition
