Commercial property prices continued to strengthen in August with all major sectors posting annual gains, MSCI Real Assets reported. The RCA CPPI National All-Property Index rose 2.4% year-over-year for the sharpest increase since late 2022 and gained 0.9% from July, translating to an annualized pace of 11.1%.
Retail continued to lead the market in August with a 5.3% annual increase and a 0.4% monthly gain, representing the 15th consecutive month of growth. Industrial was a close second with a 5.0% Y-O-Y gain and a 0.8% increase from July.
Although apartment prices were unchanged from July, they inched 0.2% higher from a year earlier, the sector’s most meaningful annual gain since late 2022, according to MSCI Real Assets. CBD office prices rose 0.7% compared to a year ago and 0.6% from July, while suburban offices recorded more modest gains, up 0.3% on both an annual and monthly basis.
Pictured: Lakewood Center, a two-million-square-foot regional shopping center in Lakewood, CA that traded for $332 million in August.
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