The Green Street Commercial Property Price Index increased modestly in January, rising 0.3% from the end of 2023. The all-property index, a measure of pricing for institutional-quality commercial real estate, nonetheless is 21% below its March 2022 peak and down nearly 9% on a year-over-year basis.
“For most property types, pricing has probably hit its low,” said Peter Rothemund, co-head of strategic research at Newport Beach, CA-based Green Street. “Office is an exception to that. Values in the office sector are expected to continue to decline.”
The office sector has posted the sharpest pricing declines on both a Y-O-Y basis and in comparison to the 2022 peak, according to Green Street data. Apartments posted the strong month-over-month pricing rebound, although the sector is still down Y-O-Y and compared to the peak.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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 GlobeSt.com 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).