The Green Street Commercial Property Price Index was unchanged in June at 127.8, and the same went for all property types that comprise the CPPI. Over the past 12 months, the all-property index has increased 3.4%, with individual property types seeing gains as high as 9% or declines as great as 6% during this time period.
“Property pricing hasn’t changed much this year,” said Peter Rothemund, co-head of strategic research at Green Street. “Interest rates remain elevated, and that’s kept pricing in check.”
Office pricing currently is flat compared to a year ago, and the sector is off 37% compared to the recent peak in 2022. Given the predictions since the COVID-19 pandemic that shopping malls are on the way out, it’s surprising that the sector posted the best year-over-year pricing growth as well as the smallest decline from the ’22 peak. Conversely, lodging prices are down 6% compared to a year ago.
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