The global rate of commercial property price growth waned in the third quarter of 2020 as transaction activity continued to stumble amid the worldwide health crisis, the latest RCA CPPI Global Cities report shows.
The RCA CPPI Global Cities Composite Index retreated to annual growth of 1.6%, the slowest rate since 2010. Prices fell versus a year ago in six of the 18 major global cities that contribute to the index. Eight posted a drop in prices between the second and third quarters of this year.
The fact that commercial property price growth remains in positive territory shows that while transaction activity is depressed, this downturn is not the same as the Global Financial Crisis. Investors remain on the hunt for quality assets and sellers are typically not being forced to offload properties.
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