Commercial Property Prices Hit Best Annual Gain Since 2022

Commercial property prices saw their strongest annual gain since 2022, as the US all-property index rose 2.1%.

April 24, 2026

Commercial property prices in the US rose 2.1% YOY, the strongest annual gain since 2022.
Suburban office prices posted a 5.1% rise, while CBD office prices increased 1.4% YOY.
Industrial property prices climbed 2.3% YOY, leading performance among sectors.
Apartment prices stabilized, ending over three years of annual declines.

Key Takeaways

Price Gains Outpace Recent Years

Commercial property prices in the US rebounded strongly in Q1 2026, according to the MSCI RCA CPPI US National All-Property Index. The index rose 2.1% year-over-year, the highest annual increase since late 2022. On a quarterly basis, prices advanced 1.1%, representing an annualized growth rate of 4.7%.

Despite heightened global uncertainty, including ongoing conflict in the Middle East, the US commercial property market has demonstrated strong investor confidence and price resilience.

RCA CPPI March 2026 showing US commercial property price changes by sector: all-property index up 2.1% YoY, industrial leads at 2.3%, suburban office up 5.1%, CBD office up 1.4%, apartments flat, retail down 1.2%, with stronger growth in non-major metros.

Sector Performance Highlights

Suburban office properties posted the highest gains among office assets, up 5.1% from the prior year, while CBD office prices rose 1.4%. These are the largest YOY hikes for both subtypes since Q2 2022. However, despite recent improvements, CBD office prices remain 49% below their July 2022 level amid broader market adjustments. Suburban office prices are still 14% below their mid-2022 peak.

Industrial property prices advanced 2.3% YOY and remain the only major sector to report positive net returns since interest rate hikes began, now up 11% since July 2022. This strength has played a key role in lifting overall pricing momentum, even as other sectors continue to lag behind. Apartment values held steady year-over-year, ending a run of annual declines dating back more than three years. Retail property prices declined 1.2% from a year ago but showed modest monthly growth, hinting at stabilization ahead.

Line chart of US commercial property price trends by sector from 2007 to 2026 showing industrial and apartment prices rising strongly, suburban office recovering modestly, retail stabilizing, and CBD office declining sharply after 2022.

Market Dynamics by Metro

Non-major metros outperformed major markets, with the all-property index rising 2.2% YOY in non-major markets versus 1.7% in the six largest metros. Price changes varied across cities and asset types, with some secondary markets demonstrating greater price recovery over the past year.

Looking Ahead

Commercial property prices continue to show resilience in Q1 2026, supported by selective investor activity and stabilization across several asset classes. While some segments, such as industrial, remain strong, others like CBD office and retail continue to lag behind their pre-2022 levels. Market observers will watch transaction trends and sector recovery as price growth consolidates in the quarters ahead.