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**Retail Pricing Leads as RCA CPPI Shows Minimal YoY Decline**
Commercial property prices remained largely unchanged in June compared to the previous month, with a modest 0.7% decline over the past year, according to the RCA CPPI US National All-Property Index from MSCI Real Assets. However, the annual rate of decline has slowed significantly over the past two years, reflecting the market’s gradual adjustment to the post-pandemic jump in interest rates.
Among property types, retail assets continued to outperform, showing a 3.5% increase in pricing year-over-year, although prices held steady month-over-month. Industrial properties, which had previously led the market’s rebound, posted a 1.6% annual gain and continue to show growth on a monthly basis.
Apartment prices remained flat in June but reported a slight 0.1% rise over the past year. MSCI Real Assets noted that while the increase is small, it marks the first year-over-year growth in the sector since late 2022. Three interest rate cuts by the Federal Reserve since September of last year have contributed to improved pricing stability in the multifamily space.
Office properties were the only major sector to register a year-over-year price decrease, falling 1.9%. Both Central Business District (CBD) and suburban offices contributed to this decline, with CBD prices down 4.2% and suburban properties down 2.1%.
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*Image courtesy of Connect CRE. Originally published in Connect CRE under the title “Retail Pricing Fares Best as RCA CPPI Shows Small Y-O-Y Drop.”*
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