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Real Estate

US Retail, Office Prices Drop as Apartment, Industrial Gain

Source: https://www.rcanalytics.com/us-prices-sep-2020-rcacppi/

The annual rate of U.S. commercial real estate price growth came in at 1.4% in September, as continued gains in apartment and industrial sector prices balanced out declines in retail and office prices, the latest RCA CPPI: US summary report shows. The US National All-Property Index gained 0.2% in September from August.

Retail prices dropped 0.7% from August and sank 5.3% from September 2019. This sector, along with hotels, has been pummeled during the ongoing health crisis and may have even more trouble ahead as commercial property loan distress widens.

The office sector index was little changed on the month but declined 1.5% year-over-year. The pandemic has interrupted demand for office space, with future trends still uncertain. Sales of office properties declined 60% in the third quarter versus a year prior, as shown in the latest edition of US Capital Trends, also released this week.

Apartment prices gained 0.6% in September from August and rose 6.7% year-over-year. The multifamily price index has slowed from the double-digit pace seen earlier this year, but deal activity has fared better during the pandemic than most of the other property sectors. The industrial sector has been the most stable of the property type prices indices over the last several months, posting in the mid-7% annual growth range.

To learn more about the data behind this article and what Real Capital Analytics has to offer, visit https://www.rcanalytics.com/.

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