RCA: Commercial Property Prices Increase in April

Commercial property prices moved higher in April, Real Capital Analytics reported.

The RCA CPPI U.S. National All-Property Index has increased 1.1% year over year, RCA said. Prices increased 0.2% during the month.

“Elevated borrowing costs remain a headwind for commercial real estate,” RCA said. “Previous expectations for Federal Reserve rate cuts have been revised amid accelerating energy inflation due to the Middle East conflict.”

RCA noted price growth diverged across property types in April, with office leading the price gains.

Central business district office prices rose 4.1% YOY, the eighth consecutive month of positive annual growth. The index rose 0.8% from March, the largest monthly gain of any property type in April. [The report noted that CBD office prices nonetheless remain 49% below their March 2022 peak.]

Suburban office prices rose 0.1% in April and 3.1% from a year ago. “Suburban office prices have been growing since February 2025 though they remain 15% below their July 2022 peak,” the report said.

RCA noted its industrial index rose 1.9% from a year prior. Industrial asset prices sit close to September 2025’s record high level.

Apartment property prices fell 1.1% YOY in April, extending a pullback that has now taken prices nearly 20% below their July 2022 peak. The index declined 0.4% from March, RCA reported.

“The retail index fell 2.3% from a year prior, the steepest annual pace of decline of any property type,” the report said. “The monthly pace of decline lessened for the fifth month in a row, with prices edging down 0.1% in April from March.”