Commercial Property Price Index: December, 2023

Property Prices Fall 10% in ’23, ’24 Looking Better

Newport Beach, CA, January 5, 2024 — The Green Street Commercial Property Price Index® was unchanged in December, ending the year down 10%. The all-property index—a measure of pricing for institutional-quality commercial real estate—is 22% below its March ’22 peak.

“The correction in real estate pricing that began two years ago appears to have run its course,” said Peter Rothemund, Co-Head of Strategic Research at Green Street. “Commercial real estate is now fairly priced versus yields on corporate bonds, and market pricing of listed REITs suggests the same.”