The effects of the Covid-19 crisis have begun to catch up with U.S. commercial real estate prices. The US National All-Property Index gained 4.9% in May from a year earlier, the slowest pace of growth since 2011, the latest RCA CPPI summary report shows.
The office sector fared the worst in May, slipping 0.3% on the month and increasing only 1.6% from a year earlier. Annual growth in industrial property prices cooled to 6.1%, continuing the deceleration seen since mid-2019. Apartment prices grew 9.3% from a year ago, while retail prices increased 2.8%.
Transaction activity across the property types sank again in May, as concerns about the economy and the outlook for commercial property demand sidelined investors.
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