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RCA: Industrial, Multifamily Drive U.S. Pricing Gains
The rate of U.S. commercial property price growth accelerated into the last month of 2020, as Real Capital Analytics’ US National All-Property Index grew 7.3% from a year earlier. RCA says the all-types index has gathered strength on the back of robust apartment and industrial sector price increases.
By sector, industrial and multifamily pricing showed the greatest strength. RCA’s industrial index posted a 0.6% monthly gain in December and was up 8.8% year-over-year. Although multifamily’s Y-O-Y increase was marginally less than industrial’s, the change in Y-O-Y growth from December 2019 was the smallest of all the sectors, down just 150 basis points.
The spread between prices in the 6 Major Metros and Non-Major Metros was the largest in December in nearly a decade. Prices in non-major locales achieved 7.8% annual growth, while the 6 Major Metros index posted a gain of 3.7% Y-O-Y.
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