RCA: Commercial Property Prices Inch Higher

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U.S. commercial property prices edged higher in July, the RCA CPPI U.S. National All-Property Index reported.

The index increased 0.2% from a year earlier and rose 0.1% from June, translating to an annualized pace of growth of 1.2%–the slowest annual gain since January 2025, RCA said.

Looking at property types, apartment prices fell 4.1% from a year earlier in July, the ninth consecutive month of annual declines, while on a monthly basis prices slipped 0.8%. The apartment index remains 22% below its July 2022 peak.

“The industrial index recorded a second month of annual declines, falling 1.0% in July from a year earlier while holding flat versus June,” the report said.

Retail property prices fell 0.9% from a year prior in July, though the index rose 0.3% from June. “The annual figure still carries the weight of the sharper monthly declines recorded in late 2025, even as the index has been rising each month since March,” RCA said.

The report noted central business district office prices posted the highest annual and monthly gains of any property type, rising 9.9% from a year ago and 1.6% from June. Suburban office prices also increased, rising 4.0% annually and 0.4% monthly.

“Suburban office had grown faster than CBD [offices] on an annual basis for more than five years until February 2026, when CBD’s pace of 3.7% outpaced suburban offices by 20 basis points,” the report said. “That lead is now at nearly 600 basis points.”