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Commercial Real Estate Pricing Growth Slows to Pace Not Seen Since 2020

U.S. commercial property price growth slowed in November to an annualized pace not seen for more than two years, according to MSCI Real Assets. The RCA CPPI National All-Property Index rose 4.9% from a year ago and fell 0.4% from October, representing an annualized decline of 4.6%.  

The industrial index maintained its spot as the leading sector for price growth, increasing 14.4% since last November. However, this marks the eighth consecutive month of declining growth rates for this property type.  

Apartment price growth slowed again in November, dipping below a double-digit rate for the first time since early 2021. Over the past year the index grew 7.4%. Month over month, apartment prices fell more than any other sector, down 1.1%.  

The annual gain in the retail index of 7.1% was just short of the apartment index, while the spread between retail and apartment price growth was the narrowest since 2014. Office prices rose 5.1% year-over-year in November, decelerating from the 12.7% rate posted at the outset of 2022.  


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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