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Commercial property prices in the U.S. have been on an overall downward trend in recent years. Between 2014 and 2023, commercial real estate prices nearly doubled, with the index reaching * index points in the second quarter of 2023. Following a slowdown in the market, the index declined, falling to * points in the second quarter of 2025. In the third quarter of 2025, it saw a notable increase to points. Despite the correction, this indicated an increase of around ** percent in prices since 2010, which was the baseline year for the index.

How have prices of different property types developed over the past years?

After more than a decade of uninterrupted growth, office real estate prices started to decline in 2022, reflecting a decline in occupier demand and a tougher lending environment. Industrial real estate prices, which have grown rapidly over the past few years, also experienced a correction in late 2022. Retail real estate prices displayed most resilience amid the difficult economic environment, with the equal-weighted repeat sales index remaining stable.

How much is invested in new commercial properties?

The value of commercial real estate construction has been on the rise since 2010 in the United States. This trend mirrors the recovery seen across all economic sectors after the 2007-2009 recession. However, investment volumes in commercial property vary by type, with private office space, warehouses, and retail leading the pack.