U.S. commercial property pricing ebbed once again in April, with the RCA CPPI National All-Property Index falling 0.8% from a year earlier, MSCI Real Assets said Thursday. The index fell 0.4% from March, suggesting a faster annualized pace of decline of 4.7%. The April decline followed five consecutive months of year-over-year increases.
“New uncertainty about the U.S. economy may not be fully reflected in pricing or deal flow for some time,” MSCI Real Assets reported. “In April and March, deal volume was on par with that of a year prior, according to the latest edition of US Capital Trends.”
Among the major property sectors, retail recorded the strongest performance in April. Retail prices rose 4.2% Y-O-Y in April, extending the upward momentum that began in late 2024. The index increased 0.2% from March, the 11th monthly gain in a row.
At the other end of the spectrum, CBD office prices fell by 3.8% Y-O-Y, although this compares favorably with the annual decline of about 30% that downtown office pricing saw a year ago.
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