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Green Street Expects Further Appreciation in CRE Pricing
The Green Street Commercial Property Price Index was unchanged in September, the Newport Beach, CA-based research and advisory firm said Friday. Following months of annual declines, the all-property index is up 3% this year.
“Property prices have increased this year, and we expect further appreciation,” said Peter Rothemund, co-head of strategic research at Green Street. “The decline in bond yields over the past several months makes commercial property more attractive.”
All property types represented in the all-property index saw flat movement on pricing in September. On a year-over-year basis, the index was down 3.1%. However, two property types–apartments and shopping malls–registered Y-O-Y growth.
Green Street’s CPPI is a time series of unleveraged U.S. commercial property values that captures the prices at which commercial real estate transactions are currently being negotiated and contracted. It’s based on frequently updated estimates of price appreciation of the property portfolios owned by the REITs in Green Street’s U.S. coverage universe
Pictured: Green Street headquarters.
- ◦Sale/Acquisition
