Commercial property prices rose in September, with annual gains for all but one of the major property sectors, MSCI Real Assets reported. The RCA CPPI US National All-Property Index increased 2.6% from a year earlier and rose 2.2% from the second quarter, implying a faster annualized pace of growth of 9.0%.
The exception among property types was apartments, for which pricing declined 0.8% year-over-year and 3.3% from Q2. Prices in the multifamily sector are now 20% below their most recent peak, recorded in July 2022.
Otherwise, retail prices grew by 5.5% Y-O-Y, while CBD and suburban office pricing increased by 5.1% and 4.5%, respectively, from the year-ago period. Industrial’s pricing growth was slightly less at 4.0% Y-O-Y.
“Investor sentiment leaned toward cautious optimism in the third quarter of 2025, as investment activity grew at a double-digit pace relative to a year prior,” MSCI Real Assets reported. Deal activity has now increased for six consecutive quarters, and expectations of further rate cuts by the Federal Reserve are helping build “a more favorable foundation for a potential market rebound.”
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