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CRE prices rise solidly again


U.S. commercial asset prices are really high and still rising solidly, according to new tracking data from Real Capital Analytics (RCA).

RCA’s all-property index was up 0.6 percent in November and 7 percent year over year. The data suggests that industrial and suburban office sector properties are the new stars, whereas the run up in apartment prices may have come to an end. 

Over the month, industrial assets prices climbed the most at 1.3 percent, followed by general office (0.6 percent) and retail (0.3 percent). General office is the aggregate price for suburban properties and ones located in central business districts (CBD Office). Among property types, suburban office have shown the greatest acceleration in prices this year, rising 9 percent year over year in November, according to RCA analysts.

Apartment asset prices were flat over the month, but also had a 9 percent annual gain. RCA said this 9 percent annual gain is slow compared to double-digit increases seen in the first half of the year.  

Industrial was up 8.7 percent year over year; CBD office, 4.3 percent; and retail, 2.6 percent.

Commercial prices were rising at a much faster clip in the non-major markets (up 8.1 percent year over year) than in the six major markets (up 3.8 percent).

RCA’s all-property index was 47.5 percent higher in November than it was in 2008, and the aggregate price of apartments, industrial and CBD office were 89 percent, 35 percent and 57 percent higher than a decade ago, respectively. RCA monitors the sales price of properties valued at $2.5 million or more.


 

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