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The Green Street Commercial Property Price Index decreased by 0.8% in June, tracking the pricing of institutional-quality commercial real estate. The index is down 16% from its March 2022 peak, and transaction volumes remain depressed due to sizable bid-ask spreads and expensive debt capital access.

Alex Boyle, analyst on data & analytics at Newport Beach, CA-based Green Street noted that “Pricing changes have varied significantly across property sectors; office values are down more than 30% since the March ’22 peak while lodging and industrial values have proven more resilient”.

The largest declines were posted by the office sector which dropped 6% between May and June as well as 27% since June of 2022 – all property types experienced declines from both a year ago and from their recent peaks with only industrial seeing an increase during June’s period.

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