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Green Street: Commercial prices stay flat

Commercial property prices remained stable in the November and have been little changed for the year, according to Green Street Advisors.

The Green Street Commercial Property Price Index was essentially unchanged over the past three months and has risen by just 2 percent year over year, the company said.

The index reflects the appraised value of typically higher end, investment-grade properties owned by real estate investment trusts.

Among the major property types, only industrial assets [up 11 percent] saw a double-digit, year-over-year gain. The value of malls and regional strip malls fell over the year by 7 percent and 2 percent, respectively.

Apartment assets rose 4 percent year over year; and the values of office assets was unchanged over the year. Green Street’s all-property index has remained little changed since mid-2016.

In terms of other asset types, the value of manufactured home parks has risen 16 percent  year over year, and student housing was up 7 percent annually in November, Green Street reported.

“The bid for manufactured home communities and student housing continues to be strong and is pushing values up, while the lack of transaction activity in the mall sector suggests values have taken another step down and are now about 15-20 percent below recent highs,” said Peter Rothemund, managing director at Green Street Advisors.


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