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Commercial Property Pricing Posts Biggest Annual Decline Since 2010

U.S. commercial property pricing continued to fall in March as a double-digit decline in the apartment sector dragged down the broader index, according to MSCI Real Assets. The RCA CPPI National All-Property Index fell 8.0% from a year ago and 1.3% from February, representing the index’s biggest annual decline since 2010.  

“Higher borrowing costs and tighter financing conditions have weighed on deal activity and pricing,” MSCI Real Assets reported. “Deal volume across major property types in the first quarter of 2023 was less than half the total of a year prior.”  

The apartment sector posted the largest price declines of any property sector on an annual and monthly basis. The index fell 10.3% year-over-year in March and dropped 1.9% from February. “It’s a far cry from a year ago when apartment price growth was only surpassed by increases in industrial property prices,” the report stated. 


Inside The Story

MSCI Real Assets

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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