commercial real estate trends & outlook · 4/14/2020 · commercial real estate quarterly market...
TRANSCRIPT
-
Commercial Real EstateTrends & OutlookApril 2020National Association of REALTORS® Research Group
-
The Commercial Real Estate Trends & Outlook Report discusses trends in the small commercial market (transactions that are typically less than $2.5 million) based on a survey of members of the National Association of Realtors® engaged in commercial real estate about their transactions in the first quarter of 2020 and the latest publicly available data.
Current conditions. This latest report shows the very early impact of the coronavirus pandemic on commercial real estate. On average, respondents reported a 1% decline in their commercial sales volume during the first quarter of 2020 compared to transactions in the same period last year. On average, respondents reported a 2% decline in the dollar volume of new leases compared to the level one year ago.
Across the multifamily, industrial, office, retail, and hotel sectors, a lower fraction of respondents reported higher sales transactions and new lease volume on an annual basis in the first quarter of 2020 compared to the fraction of respondents who reported an increase in sales and leasing activity in the prior quarter.
Respondents reported that commercial prices rose at a slower pace of 1% from one year ago. Other price indicators show prices are softening. The Green Street Property Price Index which is compiled from high quality properties in REITs portfolios fell slightly by less than half a percent in 2020 Q1 from the prior quarter.
Respondents reported higher vacancy rates for office, 10.5%; retail, 10.1%; and multifamily, 5%. Vacancy rates in industrial properties were flat at 5%.
A lower fraction of respondents reported an improvement in access to financing: 57% reported an improvement in debt financing conditions compared to one year ago, and 53% reported an improvement in equity financing conditions.
Economic outlook. We expect the second quarter GDP growth to be the steepest decline in the U.S. history – likely in excess of 15% contraction on an annualized basis. What will be critical is the recovery in the second half of the year. Is it going to be sharp and quick rebound of a V-shaped or a sluggish recovery of staying low for a period before a recovery of a U-shaped? That will depend on the economy’s response to the stimulus measures and the path of virus containment. The best guess is for the second half GDP growth to be insufficient to compensate for the loss in the second quarter. Therefore, we expect GDP to have contracted around 3% to 5% for the year as a whole and net job losses totaling around 3 to 5 million.
COMMERCIAL REAL ESTATE TRENDS & OUTLOOKApril 2020 Report
-
1 | Economic Conditions.……………………………………………………………………………………………..
2 |Commercial Sales……………………………………………………………………………………………………..
3 | Commercial Leasing ………………………………………….………………………………………………….
4 | Commercial Construction …………………………………………………………………………………..
5 | Commercial Outlook……………………………………………………………………………………………..
6 |Business Trends…..……………………………………………………………………………………………….….
7 | About the Survey……………………….…………………………………………………………………………
4
5
8
10
11
14
17
COMMERCIAL REAL ESTATE TRENDS & OUTLOOKApril 2020 Report
-
1 | ECONOMIC CONDITIONS
Fewer Jobs, Declining Wages in March 2020
In March 2020, 701,000 non-farm employment jobs were lost in all industries (2-digit level) except in the utilities, wholesale trade, information, and the government sectors. Sixty-five percent of the job losses were in leisure and hospitality (-459,000). Professional and business services lost 52,000 jobs, and retail trade shed 46,200 jobs.
In March, the number of unemployed surged to 7.14 million, from 5.79 million in February. Since the weeks of March 21 through April 4, 15.1 million people have already filed for unemployment insurance benefits.
The average weekly wage (seasonally adjusted) has started to decline, to $978.8 in March 2020 from $980.7 in February 2020.
In an effort to bolster economic activity, the Federal Open Market Committee reduced the federal funds rate to 0% on March 15 and announced an open-ended commitment to purchase mortgage-backed securities and investment-grade corporate debt to keep credit flowing. Under an accommodating monetary policy, the 10-year T-note has declined to 0.87% in March 2020. On April 9, the Federal Reserve Board released a statement that it will provide $2.3 trillion in loans to support the flow of credit to households, businesses, and the state and local governments.
NATIONAL ASSOCIATION of REALTORS® | RESEARCH GROUP | www.nar.realtor/research-and-statistics 4
1220.90.8
-1-4.9
-7-18-24-29
-46.2-52
-76-459
GovernmentInformationWholesale TradeUtilitiesFinancial ActivitiesTransportation and WarehousingMining and Logging EmploymentManufacturingOther ServicesConstructionRetail TradeProfessional and Business ServicesEducation and HealthLeisure and Hospitality
Nonfarm Payroll Jobs Lost in March 2020
Source: BLS
5.79
7.14
0.0
5.0
10.0
15.0
20.0
2006
-Jan
2006
-Oct
2007
-Jul
2008
-Apr
2009
-Jan
2009
-Oct
2010
-Jul
2011
-Apr
2012
-Jan
2012
-Oct
2013
-Jul
2014
-Apr
2015
-Jan
2015
-Oct
2016
-Jul
2017
-Apr
2018
-Jan
2018
-Oct
2019
-Jul
Number of Unemployed as of March 2020 (in millions)
$980.7$978.8
$880.0
$900.0
$920.0
$940.0
$960.0
$980.0
$1,000.0
Jan/
2018
Mar
/201
8M
ay/2
018
Jul/2
018
Sep/
2018
Nov
/201
8Ja
n/20
19M
ar/2
019
May
/201
9Ju
l/201
9Se
p/20
19N
ov/2
019
Jan/
2020
Mar
/202
0Average Weekly Wages,
Seasonally Adjusted
0.87
0.000.501.001.502.002.503.003.50
Jan/
2018
Mar
/201
8
May
/201
8
Jul/2
018
Sep/
2018
Nov
/201
8
Jan/
2019
Mar
/201
9
May
/201
9
Jul/2
019
Sep/
2019
Nov
/201
9
Jan/
2020
Mar
/202
0
10-Year Treasury Note Yield at Constant Maturity
-
Commercial Sales Declined 1% in 2020 Q1
Sales volume fell on average by 1% among commercial members of the National Association of REALTORS® who responded to NAR’s 2020 Q1 Commercial Real Estate Quarterly Market Survey. NAR commercial members’ transactions are typically below $2.5 million (small commercia market). Real Capital Analytics also reported that during January—February 2020, sales transactions volume fell by 35%. RCA tracks transactions of at least $2.5 million (middle to large commercial market).
Not all respondents reported a decline, as 42% of respondents reported increase in sales compared to one year ago. However, this share is lower than the 61% share in 2019 Q4. A higher fraction of respondents, 18%, reported a sales decline of at least 20%, compared to 7% in the prior quarter.
Across all property types, a lower fraction of respondents reported an annual gain in sales volume in 2020 Q1 compared to the fraction of respondents who reported an annual increase in 2019 Q4. For example, in the apartment class B/C properties, 35% reported higher sales from one year ago compared (44% in the prior quarter). In the office class A market, only 15% of respondents reported an increase in sales volume (22% in the prior quarter). In the retail mall class A, only 6% reported an increase (12% in the prior quarter).
5NATIONAL ASSOCIATION of REALTORS® | RESEARCH GROUP | www.nar.realtor/research-and-statistics
2 | COMMERCIAL SALES
-1%
-35%-40%
-20%
0%
20%
40%
2012
2013
2014
2015
2016
2017
2018
2019
2020
.Q1
Quarterly Sales Volume(Y/Y % Chg)
REALTOR® CRE Markets$2.5+M Market
Sources: National Association of REALTORS®, Real Capital Analytics
0%5%
10%15%20%25%
Distribution of Y/Y Sales Change
2019.Q4 2020.Q1
15%22% 25%
32%
20%26%
12%17%
6% 7%
33% 35%
12% 14%
0%10%20%30%40%50%
Percent of Respondents Who Reported a Y/Y Increase in Dollar Sales Volume
2019 Q4 2020 Q1
-
Commercial Prices Rose 1% in 2020 Q1
While dollar sales volume fell, commercial prices rose 1% in markets where commercial members of the National Association of REALTORS® are engaged in. These markets are typically below $2.5 million (small commercial market).
Among respondents, 56% reported an increase in commercial sales prices in their markets (75% in the prior quarter), while 25% reported a decline (16% in the prior quarter). Only 5% reported a decline in prices of at least 20% (1% in the prior quarter).
The Green Street Commercial Price Index, which is an indicator for high-quality properties held by REITs indicates commercial property prices are declining, although not collapsing. The index declined by 0.3% in 2020 Q1 compared to the prior quarter.
Real Capital Analytics also reported that during January-February 2020, commercial prices rose on average by nearly 7%. The coronavirus pandemic escalated in March 2020 so the strong price growth does not capture the impact of the pandemic. RCA tracks transactions of at least $2.5 million (middle to large commercial market).
6NATIONAL ASSOCIATION of REALTORS® | RESEARCH GROUP | www.nar.realtor/research-and-statistics
2 | COMMERCIAL SALES
0.8%
6.6%
-25%-20%-15%-10%
-5%0%5%
10%15%
Y/Y Change in Commercial Sales Prices
REALTOR® CRE Markets $2.5M+ Market
0%5%
10%15%20%25%30%
Distribution of Y/Y Commercial Price Change
2019.Q4 2020.Q1
124.00
126.00
128.00
130.00
132.00
134.00
136.00
Q1/
2017
Q2/
2017
Q3/
2017
Q4/
2017
Q1/
2018
Q2/
2018
Q3/
2018
Q4/
2018
Q1/
2019
Q2/
2019
Q3/
2019
Q4/
2019
Q1/
2020
Green Street Commercial Property Price Index (August 2007=100)
-
Cap Rates Trended Down to 6.5%
Cap rates for transactions in the first quarter of 2020 reported by NAR commercial member average 6.5%. The average cap rate in the large commercial market ($2.5 million or more transactions) reported by Real Capital Analytics was 6.7%.
In the small commercial real estate market, Apartment Class A properties had the lowest cap rate, with a median of 5.4% among respondents. Apartment Class B/C cap rates were typically one percentage point higher, at 6.5%. Cap rates for office class B/C, industrial flex, free-standing retail, and senior housing were typically around 7%.
In the $2.5M or more market tracked by Real Capital Analytics, apartment and office-CBD properties had the lowest average cap rates of 5.4% based on January—February 2020 transactions. Hotel had the highest cap rate at nearly 9%. The lower cap rate for office-CBD properties indicates investor preference for the CBD market relative to the office-suburban market where cap rates were around one percentage points higher.
7NATIONAL ASSOCIATION of REALTORS® | RESEARCH GROUP | www.nar.realtor/research-and-statistics
2 | COMMERCIAL SALES
5.0%7.0%9.0%
11.0%20
10
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Q1
REALTORS® Commercial Capitalization Rates
Office Industrial
Retail Multifamily
Hotel All commercial
6.5%
4.0%5.0%6.0%7.0%8.0%9.0%
10.0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
.Q1
2019
.Q2
2019
.Q3
2019
.Q4
2020
.Q1
Cap Rates in REALTORS® Market and $2.5+M Transactions
REALTOR® CRE Markets$2.5+M Market
Sources: NAR, Real Capital
5.4% 6.3%6.6% 6.6%
5.4%6.8%
8.6%6.9%
Cap Rates in February 2020 for $2.5+ Million Properties
Source: Real Capital Analytics
Apartment: Class A 5.4Apartment: Class B/C 6.5Industrial: Warehouse 6.5Industrial: Flex 7.0Office: Class A 6.5Office: Class B/C 7.0Retail: Strip Center 6.5Retail: Mall 6.0Retail: Free standing 7.0Hotel/Hospitality 6.5Student housing 6.0Senior housing 7.0Source: 2020 Q1 NAR CRE Market Survey
For $2.5 million or less properties
Cap Rates in 2020 Q1
NOTES
1. Download the latest RCA USCT, CPPI data https://app.rcanalytics.com/#/trends/reports
2. Save the data in H:\COMMERCIAL\CRE DATA Proprietary\RCA
3. Copy the latest RCA US Capital Trends and CPI data into the quarterly or monthly sheet.
RCA_USCT_Q_UpdateMe
Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.
All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.
© Real Capital Analytics, Inc. 2019. For more current deals, cap rates and property details visit http://rcanalytics.com
Quarterly Volume & Pricing Trends
*Office, industrial, retail, apartment, hotel, seniors housing & care, and dev sites
00Q2
00Q3
00Q4USANATAPTUSANATINDUSANATRETUSANATOFFUSANATCBDUSANATSUBUSANATHOTUSANATALLUSANATCOM
YrQtrVolumeYOY ChgApartmentIndustrialRetailOfficeOffice - CBDOffice - SubHotelSeniors Housing & CareApartmentIndustrialRetailOfficeOffice - CBDOffice - SubHotelALLALL CommercialIndividualPortfolioEntity
'0101Q1$ 21,113,447,0948.4%8.6%8.6%8.6%8.5%8.6%64.67069.26561.99969.85864.92970.96762.11666.79868.09301Q1$ 16,578,016,479$ 4,535,430,615$ - 0
01Q2$ 28,715,477,5838.3%8.7%8.7%8.8%8.2%8.9%65.59469.83562.77569.12164.58170.28562.23466.94767.89101Q2$ 18,366,233,997$ 3,076,883,586$ 7,272,360,000
01Q3$ 21,025,251,4208.7%8.8%8.9%9.3%9.0%9.4%65.83570.41763.02367.52163.75068.75062.93966.58467.15401Q3$ 16,785,500,420$ 3,812,750,999$ 427,000,000
01Q4$ 24,877,660,7778.6%9.1%8.9%9.1%8.6%9.2%66.07269.94962.89466.66963.38168.25063.62166.13966.27601Q4$ 18,389,334,959$ 6,488,325,818$ - 0
'0202Q1$ 21,447,197,1332%8.3%9.2%9.1%9.2%9.1%9.3%66.54268.49662.91567.08864.39068.67963.94465.97065.82402Q1$ 15,071,048,435$ 5,299,153,612$ 1,076,995,087
02Q2$ 25,410,042,401-12%8.3%9.2%8.7%8.8%8.4%8.9%67.53868.01563.55067.81164.66169.38263.75266.49866.11602Q2$ 19,663,453,780$ 5,496,588,621$ 250,000,000
02Q3$ 29,414,133,39440%8.2%9.0%8.5%8.6%8.4%8.6%69.35668.25165.00868.43364.66069.85663.13867.78567.02802Q3$ 23,063,173,214$ 5,261,034,381$ 1,089,925,799
02Q4$ 35,511,188,16043%7.9%8.8%8.3%8.6%8.5%8.7%71.09868.80866.88369.29865.33470.39162.36969.30368.34802Q4$ 27,906,821,821$ 7,604,366,339$ - 0
'0303Q1$ 28,900,941,70135%7.9%8.7%8.3%8.8%8.7%8.9%72.49970.12868.88070.42466.61771.26861.74170.78569.88303Q1$ 20,810,933,614$ 5,362,307,244$ 2,727,700,843
03Q2$ 29,998,355,48118%7.6%8.7%8.3%8.5%8.2%8.7%73.59270.83770.92971.34168.27172.13461.40271.95071.15103Q2$ 24,412,200,165$ 5,450,155,315$ 136,000,000
03Q3$ 34,885,036,04719%7.4%8.7%8.0%8.3%7.9%8.4%74.19071.18573.08572.19170.04972.79363.45972.99172.35103Q3$ 29,787,148,756$ 4,317,857,588$ 780,029,703
03Q4$ 47,784,342,23235%7.4%8.6%7.9%8.4%8.1%8.4%74.44171.40875.23973.03972.10173.22766.76373.97373.57703Q4$ 36,239,707,846$ 10,560,499,170$ 984,135,216
'0404Q1$ 42,398,682,73047%7.2%8.4%7.8%8.2%8.0%8.2%75.57472.05776.99974.58672.57275.03469.54975.24874.91604Q1$ 35,175,689,436$ 7,041,000,653$ 181,992,641
04Q2$ 54,170,229,96281%7.2%8.3%7.7%8.0%7.9%8.0%78.47174.84778.46476.88873.16677.80471.92877.65776.86104Q2$ 42,832,351,541$ 7,129,857,080$ 4,208,021,341
04Q3$ 62,230,058,96878%6.9%8.2%7.5%8.0%7.7%8.1%81.89977.95680.60779.35174.91680.59874.29380.50879.26904Q3$ 47,831,244,054$ 12,859,651,232$ 1,539,163,682
04Q4$ 89,247,586,01187%6.6%8.0%7.3%7.7%7.2%7.8%84.58179.65583.86381.74277.27382.98177.03983.09981.86504Q4$ 54,643,963,159$ 18,173,875,539$ 16,429,747,313
'0505Q1$ 74,416,798,11876%6.5%8.0%7.2%7.6%7.0%7.8%9.5%86.92982.16887.29383.50280.00484.66281.28385.52684.38205Q1$ 58,082,602,789$ 13,988,333,459$ 2,345,861,870
05Q2$ 91,892,657,63270%6.4%7.9%7.0%7.3%6.8%7.5%9.3%90.03685.23190.26186.00885.09586.25985.91188.47787.13905Q2$ 68,047,331,798$ 22,645,325,834$ 1,200,000,000
05Q3$ 105,453,963,55569%6.2%7.7%6.9%7.3%6.6%7.4%9.2%94.28187.64393.17689.60388.87389.65991.03592.10490.28105Q3$ 72,604,757,444$ 17,757,572,355$ 15,091,633,756
05Q4$ 106,207,692,37619%6.2%7.6%6.8%7.1%6.5%7.2%9.0%97.24089.74095.82393.31291.37294.10594.65694.85593.09305Q4$ 77,004,504,040$ 26,716,588,524$ 2,486,599,812
'0606Q1$ 98,758,252,97733%6.3%7.4%6.8%7.0%6.8%7.1%8.9%98.13293.36698.09495.92594.44496.52895.37096.65695.66306Q1$ 69,910,232,756$ 18,636,132,556$ 10,211,887,666
06Q2$ 104,153,889,77813%6.4%7.2%6.7%6.9%6.5%7.0%8.9%97.80296.80099.52098.06697.32198.05595.85397.96197.88506Q2$ 71,334,956,221$ 20,945,455,234$ 11,873,478,323
06Q3$ 100,058,898,543-5%6.2%7.1%6.7%6.9%6.1%7.1%8.9%98.06998.08399.99699.41198.59599.41897.42998.74299.07406Q3$ 75,891,535,174$ 14,794,452,756$ 9,372,910,613
06Q4$ 137,844,648,50430%6.2%7.1%6.7%6.7%6.1%6.8%8.9%100.000100.000100.000100.000100.000100.000100.000100.000100.00006Q4$ 86,055,582,653$ 29,858,488,101$ 21,930,577,750
'0707Q1$ 163,021,943,01965%6.3%7.0%6.6%6.6%6.0%6.7%9.0%7.8%101.490104.303101.075102.925103.626103.135105.433102.386102.71007Q1$ 73,733,908,147$ 22,376,168,892$ 66,911,865,980
07Q2$ 156,194,939,96950%6.3%6.9%6.5%6.5%5.8%6.7%8.9%7.5%102.562106.152103.403106.488107.582106.340110.533105.101105.65307Q2$ 80,833,373,062$ 52,580,794,678$ 22,780,772,228
07Q3$ 129,267,113,98829%6.3%6.9%6.5%6.6%5.6%6.9%8.9%7.7%101.776107.144104.235108.752110.642108.059111.651105.377107.00207Q3$ 75,685,588,457$ 36,621,403,386$ 16,960,122,145
07Q4$ 133,269,155,397-3%6.3%6.9%6.7%6.7%5.5%6.9%8.8%7.3%100.037104.932101.505107.663112.475106.038107.723102.781104.82207Q4$ 65,359,474,268$ 18,704,131,670$ 49,205,549,458
'0808Q1$ 62,726,214,083-62%6.3%6.9%6.8%7.1%6.6%7.2%8.8%8.3%98.570103.28597.559105.317110.023104.146103.984100.210101.87708Q1$ 44,344,034,399$ 14,292,727,654$ 4,089,452,031
08Q2$ 48,847,405,500-69%6.5%7.1%6.8%7.0%6.0%7.2%8.9%8.8%96.648100.67594.081100.888105.146100.044102.46397.29198.45908Q2$ 39,368,616,706$ 8,488,502,110$ 990,286,684
08Q3$ 43,066,707,736-67%6.4%7.4%6.9%7.1%6.6%7.3%8.9%8.9%93.71598.19190.11095.714100.91594.520101.50893.64594.51708Q3$ 33,478,378,426$ 9,393,329,310$ 195,000,000
08Q4$ 26,571,676,137-80%6.7%7.5%7.1%7.3%6.3%7.5%9.1%9.0%88.76793.66485.32391.37396.44390.025100.97788.75989.85508Q4$ 20,794,872,635$ 5,776,803,502$ - 0
'0909Q1$ 14,319,298,358-77%6.7%7.6%7.3%7.8%7.9%7.8%9.1%9.2%83.27187.07879.99886.11490.55684.81495.03882.96884.04709Q1$ 12,191,503,793$ 2,127,794,565$ - 0
09Q2$ 14,796,720,643-70%6.6%7.7%7.3%7.6%7.4%7.6%9.4%8.9%77.76281.30674.79479.93383.98678.98687.03677.27578.20909Q2$ 12,033,078,236$ 2,763,642,407$ - 0
09Q3$ 17,420,986,745-60%7.1%8.0%7.9%8.1%8.7%7.9%9.8%8.9%73.37978.02471.22373.76078.65872.93478.27872.81573.80309Q3$ 14,635,088,226$ 2,405,693,373$ 380,205,146
09Q4$ 25,482,077,653-4%6.9%8.2%7.9%8.7%7.9%8.8%9.8%9.3%71.12276.39969.39568.77575.54367.61871.72370.17870.98709Q4$ 18,521,885,920$ 6,435,318,994$ 524,872,738
'1010Q1$ 19,982,210,66440%6.8%8.3%8.2%8.4%8.4%8.4%9.1%9.2%70.37373.99767.99866.03273.81064.86367.82768.71169.04910Q1$ 15,287,313,948$ 4,694,896,716$ - 0
10Q2$ 29,247,113,12698%6.8%8.4%7.9%8.1%6.8%8.4%8.9%9.4%70.74173.02466.76465.45574.46163.75965.68868.33268.12110Q2$ 22,281,654,851$ 5,435,258,275$ 1,530,200,000
10Q3$ 40,792,032,822134%6.6%8.4%8.0%7.8%6.7%8.1%8.6%9.2%72.28772.51366.11765.96176.58363.34864.56768.85467.87410Q3$ 29,961,230,150$ 10,180,802,675$ 649,999,997
10Q4$ 65,041,728,699155%6.6%8.3%7.6%7.6%6.6%8.1%8.3%9.1%74.37671.86265.93666.99577.65464.10863.28369.68267.96710Q4$ 44,289,687,337$ 16,883,641,405$ 3,868,399,957
'1111Q1$ 42,254,681,899111%6.5%8.3%7.6%7.6%6.6%7.9%8.3%9.1%76.0718.1%71.523-3.3%66.168-2.7%67.8562.8%78.36164.94161.207-9.8%70.3802.4%68.18311Q1$ 30,759,499,410$ 8,464,936,467$ 3,030,246,022
11Q2$ 79,866,563,792173%6.5%8.1%7.6%7.5%6.8%7.8%8.0%8.9%78.25110.6%71.001-2.8%66.634-0.2%68.7095.0%80.64365.37060.032-8.6%71.2684.3%68.50611Q2$ 42,186,352,021$ 16,609,705,515$ 21,070,506,256
11Q3$ 67,249,171,61365%6.3%8.0%7.5%7.4%6.8%7.6%8.0%9.0%80.91511.9%72.117-0.5%67.6292.3%69.6695.6%83.27166.05660.713-6.0%72.8205.8%69.46211Q3$ 46,602,551,889$ 13,026,721,357$ 7,619,898,367
11Q4$ 71,145,148,7629%6.3%7.8%7.5%7.4%5.9%7.8%7.9%8.7%82.98111.6%73.3942.1%68.7634.3%70.0354.5%85.34466.37362.360-1.5%74.1646.4%70.42911Q4$ 53,365,638,736$ 17,776,510,026$ 3,000,000
'1212Q1$ 54,583,357,30029%6.4%7.8%7.4%7.3%6.3%7.7%7.9%8.3%84.29110.8%74.1853.7%69.7745.5%70.2923.6%86.87766.53364.0534.6%75.1126.7%71.16512Q1$ 37,162,591,509$ 12,836,947,083$ 4,583,818,707
12Q2$ 65,237,486,238-18%6.3%7.7%7.3%7.2%6.2%7.7%8.0%8.2%86.17410.1%74.5975.1%70.2945.5%70.5332.7%87.44466.76264.3377.2%76.0466.7%71.54112Q2$ 48,692,832,703$ 13,827,600,428$ 2,717,053,107
12Q3$ 74,099,353,07010%6.2%7.6%7.2%7.4%6.6%7.6%8.2%8.3%89.27710.3%74.6773.5%70.5374.3%71.0482.0%88.22467.51365.7028.2%77.2456.1%71.73112Q3$ 51,016,083,640$ 14,263,367,146$ 8,819,902,285
12Q4$ 116,346,796,45264%6.1%7.5%7.2%7.1%5.9%7.5%8.2%8.2%92.75711.8%75.0432.2%71.3823.8%71.6352.3%88.84068.36567.1687.7%78.7976.2%72.26712Q4$ 90,556,226,431$ 21,753,767,729$ 4,036,802,293
'1313Q1$ 78,855,273,51344%6.2%7.5%7.1%7.2%6.2%7.5%8.2%8.4%94.58012.2%76.2882.8%72.8124.4%72.8723.7%89.81369.77068.1846.4%80.3286.9%73.58513Q1$ 41,916,128,359$ 32,397,093,119$ 4,542,052,035
13Q2$ 77,887,675,71119%6.2%7.5%7.1%6.9%5.8%7.3%8.2%8.1%95.71511.1%78.4535.2%75.0516.8%75.2246.7%92.83471.98070.1119.0%82.2888.2%76.04313Q2$ 61,997,788,301$ 13,929,059,865$ 1,960,827,545
13Q3$ 97,476,612,37132%6.1%7.5%7.1%7.1%6.2%7.3%8.1%7.9%97.4639.2%80.6137.9%77.5409.9%78.0939.9%97.74874.42372.84510.9%84.5609.5%78.75913Q3$ 62,498,919,943$ 26,643,035,531$ 8,334,656,897
13Q4$ 124,144,952,6927%6.2%7.5%7.0%7.1%5.9%7.5%8.1%7.8%100.6158.5%82.4649.9%79.66311.6%80.07611.8%102.26875.92977.06714.7%86.76110.1%80.81513Q4$ 86,571,269,913$ 29,615,842,486$ 7,957,840,293
'1414Q1$ 95,823,642,78322%6.2%7.4%6.8%6.9%5.8%7.3%8.2%7.6%103.5619.5%84.24510.4%81.61312.1%81.90912.4%105.33077.51579.28116.3%88.93410.7%82.66514Q1$ 62,152,236,782$ 20,406,389,103$ 13,265,016,898
14Q2$ 101,257,691,32830%6.1%7.3%6.9%7.0%5.8%7.3%8.2%7.6%106.47311.2%87.00210.9%83.29411.0%84.33012.1%108.21579.86979.75313.8%91.28910.9%84.73214Q2$ 74,929,025,159$ 19,795,783,068$ 6,532,883,101
14Q3$ 119,860,820,10923%5.9%7.2%6.8%6.9%5.6%7.2%8.2%7.4%109.94412.8%89.91211.5%85.0899.7%86.08310.2%111.83881.31482.06112.7%93.78810.9%86.78514Q3$ 86,529,167,866$ 28,114,669,905$ 5,216,982,339
14Q4$ 136,347,135,81310%6.0%7.1%6.6%6.7%5.7%7.0%8.2%7.0%113.12312.4%92.59512.3%87.3639.7%88.70010.8%115.38083.61684.6369.8%96.74511.5%89.38614Q4$ 96,529,965,089$ 34,616,012,687$ 5,201,158,036
'1515Q1$ 144,073,390,92950%5.9%7.1%6.6%6.8%6.0%7.1%8.1%7.1%116.18712.2%95.40013.2%89.5819.8%91.75212.0%118.79586.84886.1588.7%99.57712.0%91.98515Q1$ 87,784,924,117$ 32,328,878,653$ 23,959,588,159
15Q2$ 131,874,104,45830%5.8%7.0%6.6%6.7%5.7%7.0%8.1%7.1%119.66612.4%96.31410.7%91.2049.5%93.33210.7%121.48488.64888.62011.1%101.72311.4%93.51115Q2$ 88,408,943,910$ 33,291,783,207$ 10,173,377,341
15Q3$ 121,293,720,5831%5.8%6.9%6.5%6.8%5.5%7.1%8.1%7.0%122.69511.6%98.2619.3%92.5468.8%93.8139.0%123.77988.99391.16811.1%103.54710.4%94.70515Q3$ 92,636,865,963$ 23,079,845,888$ 5,577,008,732
15Q4$ 174,102,963,38528%5.8%6.8%6.5%6.7%5.9%6.9%8.3%6.5%125.81111.2%100.4728.5%93.6877.2%94.7376.8%126.00890.01893.87610.9%105.5199.1%95.97015Q4$ 109,235,719,360$ 41,116,880,674$ 23,750,363,351
'1616Q1$ 120,024,111,142-17%5.7%6.7%6.6%6.6%5.5%7.0%8.4%6.4%129.95511.9%101.4826.4%94.6015.6%96.0044.6%128.62090.67096.57112.1%107.7068.2%97.15016Q1$ 82,131,590,295$ 25,619,133,775$ 12,273,387,072
16Q2$ 117,294,364,334-11%5.7%6.7%6.4%6.6%5.5%6.9%8.5%6.5%134.19812.1%103.1837.1%95.4994.7%98.5125.6%132.71192.70299.58812.4%110.3878.5%98.84016Q2$ 95,397,859,197$ 21,896,505,137$ - 0
16Q3$ 131,285,582,7158%5.6%6.7%6.4%6.4%5.5%6.7%8.5%6.6%137.37112.0%105.1347.0%96.0023.7%100.7037.3%136.64694.577101.43711.3%112.6558.8%100.34016Q3$ 96,961,884,568$ 24,975,651,033$ 9,348,047,115
16Q4$ 145,015,485,818-17%5.6%6.7%6.5%6.7%5.5%6.9%8.5%7.4%139.97811.3%107.3106.8%96.1172.6%102.7128.4%138.51597.162101.7568.4%114.1828.2%101.64116Q4$ 104,361,052,924$ 32,674,915,819$ 7,979,517,076
'1717Q1$ 110,704,085,025-8%5.6%6.7%6.4%6.7%5.5%7.0%8.6%7.5%142.6199.7%110.5398.9%96.3361.8%103.7418.1%139.74998.252102.8356.5%115.8557.6%102.97317Q1$ 82,520,467,514$ 23,319,288,761$ 4,864,328,750
17Q2$ 116,546,517,677-1%5.6%6.6%6.5%6.5%5.5%6.8%8.7%7.5%147.3389.8%113.80010.3%96.6731.2%105.5077.1%143.21399.646105.0715.5%118.7587.6%104.59917Q2$ 90,786,647,558$ 22,708,381,279$ 3,051,488,840
17Q3$ 130,699,693,355-0%5.5%6.6%6.5%6.6%5.8%6.8%8.8%7.1%152.18010.8%115.86810.2%97.1621.2%107.4796.7%145.848101.212107.2535.7%121.6738.0%106.15717Q3$ 88,833,136,592$ 26,779,871,037$ 15,086,685,726
17Q4$ 133,153,769,597-8%5.5%6.5%6.6%6.7%5.7%6.9%8.7%6.6%155.90211.4%117.1929.2%97.8041.8%108.9406.1%147.322102.360106.5404.7%123.7848.4%107.59417Q4$ 103,968,663,434$ 27,818,313,030$ 1,366,793,132
'1818Q1$ 121,002,573,2679%5.6%6.4%6.5%6.6%5.6%6.8%8.7%6.6%160.15412.3%120.7409.2%98.4772.2%110.8076.8%147.108104.879108.8215.8%125.9128.7%109.21718Q1$ 91,223,605,842$ 24,325,915,835$ 5,453,051,590
18Q2$ 124,443,123,6767%5.5%6.4%6.5%6.7%5.4%6.9%8.7%6.6%165.60612.4%121.9427.2%99.2682.7%113.6447.7%147.826108.435112.0216.6%128.4188.1%110.93418Q2$ 89,841,729,554$ 26,218,478,094$ 8,382,916,028
18Q3$ 160,814,861,66423%5.5%6.4%6.5%6.7%5.6%7.0%8.6%6.8%169.50411.4%124.4987.4%99.9002.8%115.0527.0%149.391109.642112.4214.8%130.5767.3%112.43518Q3$ 102,083,562,444$ 29,323,387,477$ 29,407,911,743
18Q4$ 172,796,734,91630%5.5%6.3%6.6%6.6%5.6%6.8%8.6%7.3%171.0479.7%128.3219.5%100.2962.5%115.1615.7%150.164109.638111.3474.5%131.8866.5%113.60318Q4$ 113,209,690,655$ 29,210,495,641$ 30,376,548,620
'1919Q1$ 112,744,158,185-7%5.6%6.3%6.5%6.7%5.4%7.0%8.6%7.3%173.6068.4%133.16110.3%100.6542.2%115.7854.5%153.462109.723112.8903.7%133.7436.2%114.96319Q1$ 87,784,627,114$ 22,377,389,340$ 2,582,141,731
19Q2$ 135,992,406,5499%5.5%6.4%6.6%6.7%5.5%7.0%8.7%7.4%177.9407.4%137.50912.8%101.0471.8%116.9572.9%155.353110.629113.5001.3%136.4896.3%116.61919Q2$ 105,065,493,707$ 29,009,751,383$ 1,917,161,459
19Q3$ 151,020,735,334-6%5.4%6.3%6.6%6.7%5.8%6.9%8.7%7.4%182.5067.7%139.25511.9%101.3101.4%118.5713.1%155.969112.109112.6900.2%139.3306.7%118.20919Q3$ 103,455,791,609$ 43,864,944,013$ 3,699,999,712
year-over-year change
Off'13'14'15'16'17'18'197.2360187388009437E-26.8732022641558504E-27.0575427775195876E-27.0798504172870202E-26.877251548503642E-26.9833311408287496E-26.8506156256721754E-26.7194268018926612E-26.8341456821997909E-26.729370030838186E-26.8117510233148798E-26.704080287381492E-26.6475135119104245E-26.5960918445590502E-26.4254801269506195E-26.7096467639440577E-26.7124770756427518E-26.5461146657221733E-26.5758574505539874E-26.65320674366882E-26.5675146713273777E-26.6604259206426694E-26.7153356313316967E-26.5940344948208843E-26.71183737180229E-26.7123838295010604E-26.7163921823179901E-2Ret'13'14'15'16'17'18'197.1339773021419181E-27.0728254558914933E-27.0697806111079856E-27.045460018206591E-26.8299474807901078E-26.8733535896132028E-26.8380377988506269E-26.6360479178362533E-26.594362624447854E-26.5804050101425621E-26.5139289273811254E-26.454936989836875E-26.5643938257949661E-26.4021640216098519E-26.4431450529302714E-26.5404150102454484E-26.4470466581981217E-26.5067674093160166E-26.4988513906320641E-26.5700184719001367E-26.5232979778277855E-26.5369831672438122E-26.5019137998546167E-26.5582666609954016E-26.5433255487312991E-26.6358585322746702E-26.5854811297147597E-2Ind'13'14'15'16'17'18'197.5021208112604792E-27.5149630217089786E-27.4641823345914737E-27.4719288916368379E-27.3732215583528604E-27.2853785526576495E-27.2052647768730618E-27.0962694796576214E-27.052102460540767E-26.9529390003342961E-26.8719454681751876E-26.7504583054409262E-26.7318009525129618E-26.7047097505869166E-26.6644330650382846E-26.6934954412585373E-26.6878796220731146E-26.6301836973640088E-26.5831327831472247E-26.5235923786548702E-26.4289655994590855E-26.3917676454194203E-26.3810655043664094E-26.3271264592224541E-26.3464241235802007E-26.3614438332563944E-26.2996993037392313E-2Apt'13'14'15'16'17'18'196.2254047161738602E-26.2363438258443663E-26.1263144836498827E-26.1988543250929798E-26.1517873306210058E-26.093535107663741E-25.8818015062686031E-25.9665898372353705E-25.8519632787883594E-25.8464765575604198E-25.809243305031641E-25.7859118848002725E-25.6529232400304427E-25.7327817601184938E-25.6389319653993096E-25.6176468468105985E-25.6164274913571038E-25.6069695192768484E-25.4616897955852312E-25.5443826217893379E-25.5575068229975461E-25.5142154664127183E-25.53947546863214E-25.4881728974858796E-25.5741341593337913E-25.5328832471577875E-25.4435557311376032E-2Htl'13'14'15'16'17'18'198.2293849534507246E-28.1957988115481148E-28.1434272919131107E-28.1409811743798521E-28.2075148636619272E-28.2118148244289327E-28.2148610424668062E-28.1600078723249411E-28.1045584341169458E-28.1485544431271609E-28.1479294725392698E-28.3366294318687015E-28.4163880045510051E-28.4830710513212934E-28.544056510103798E-28.5253526961965767E-28.5771389690438821E-28.6699399859105547E-28.7786354918529319E-28.7475551085066411E-28.6842729364857055E-28.6819764446943407E-28.6277506967985917E-28.6031699092533331E-28.636866219456063E-28.6571109982129774E-28.6619272568761382E-2Snr'13'14'15'16'17'18'198.4170770678949805E-28.0808031255697563E-27.8882357483366347E-27.8025422089244664E-27.6214138507993773E-27.5886998258484523E-27.3850458999241683E-27.0392721264789682E-27.0668157714146432E-27.1499642573728844E-26.9923528631677098E-26.4892365936575963E-26.4314129965648725E-26.4869215102550642E-26.6326888345167367E-27.430533406232917E-27.5143012543499657E-27.4783882800109586E-27.091824093032903E-26.5785198337785469E-26.583280646769625E-2
'13'14'15'16'17'18'193.6708083391288504E-26.6502203542102567E-29.9150002042402985E-20.117844878880972280.124010104309566940.121057805008826240.102319615914449490.107687102388212440.120171735484892570.106746399181775648.9796467444885675E-26.8063473897248983E-24.6332618224849575E-25.5505475290080319E-27.3445166916902949E-28.4185369704171231E-28.0597119779700188E-27.1001095643905998E-26.7285503371091959E-26.0629603742306637E-26.8106175982969308E-27.7124389899695611E-27.0461923569848928E-25.7108903174174719E-24.4923828530652132E-22.9155293048210185E-23.05893871478784E-2'13'14'15'16'17'18'194.3545972810101086E-26.7682111009245371E-29.9277092838731429E-20.116001301895875650.120871359972474220.109825306744747669.7357215546750364E-29.666386893424983E-29.7633097048988926E-29.4961496095347986E-28.7634422871900597E-27.2388624055061079E-25.6034264771428699E-24.7097770273732076E-23.7343709226257848E-22.5933928083941682E-21.8335621252503653E-21.2295099606156379E-21.20860424994369E-21.7546519459894272E-22.2225177304173949E-22.6837262856322708E-22.8180778852333388E-22.547890170459155E-22.2112117218568317E-21.7927468797268364E-21.4106202358276976E-2'13'14'15'16'17'18'192.8346133564160603E-25.1700010695325593E-27.9489961276375753E-29.8890334105705247E-20.104300014703482710.108965341024596980.115360113289269210.122851475156479320.132406287266997550.107036233165967119.2853992265862662E-28.5067250329302846E-26.3755142206576743E-27.1311051141762505E-26.9949122857410284E-26.8058836370855857E-28.9247772896391631E-20.102901279896923330.102099642976343669.2084003886315768E-29.2288911082713643E-27.1542571060503546E-27.4475789383244839E-29.4967366222909577E-20.102867456786095660.127662323359483580.11853978344269533'13'14'15'16'17'18'190.122071997829735550.110711273084642249.168493525014787E-28.4709858750591449E-29.4954149313071889E-20.112399591422801540.128058535573377430.124317074940732520.121916201109664610.123906325233206440.115976922370382370.112168616019951980.11850013155844930.121438155523624580.119615218873160730.112602776484562749.7444631775579271E-29.7917533196064888E-20.107808090268733730.113760154611065810.122956285502770160.123987669721163260.113833275265824439.7145639705386699E-28.3988183579723596E-27.447707197330633E-27.6709544610067404E-2'13'14'15'16'17'18'196.4494943323654796E-28.9750274913734218E-20.108715937291879120.147385840330207740.162748740725947360.137529452784017630.126519795004898419.8205918967200656E-28.6744494079866952E-20.111172138595523550.110977299519236630.109175178590527280.120867363980908580.123772797412202480.112637158365895388.3942411189026123E-26.4854391727193983E-25.5051123140500202E-25.7338457943340249E-24.7012977020047808E-25.8212491565420077E-26.6150098349796016E-24.8187568738568665E-24.5122379952266201E-23.7392580606102177E-21.3204589694345126E-22.3913543490836631E-3
Y/Y Change in Sales Volume
13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q30.444676132312282980.193909823966220920.315485336001958946.7025104921458523E-20.215183696851209310.30004766997705090.229636701496209299.8289804429349426E-20.503526548816334520.302361358714148931.1954702730348377E-20.27690957604037369-0.16692381314812954-0.110558021863804928.237740654898551E-2-0.16707054837485713-7.7651282131664723E-2-6.3758106415950921E-3-4.4627090672982872E-3-8.1796203724574967E-29.3027174555648573E-26.7754971624285565E-20.230414988258394790.29772319205813558-6.8249912859805639E-29.2807722376094803E-2-6.0903116966662729E-2
YOY Chg'13'14'15'16'17'18'190.444676132312282980.193909823966220920.315485336001958946.7025104921458523E-20.215183696851209310.30004766997705090.229636701496209299.8289804429349426E-20.503526548816334520.302361358714148931.1954702730348377E-20.27690957604037369-0.16692381314812954-0.110558021863804928.237740654898551E-2-0.16707054837485713-7.7651282131664723E-2-6.3758106415950921E-3-4.4627090672982872E-3-8.1796203724574967E-29.3027174555648573E-26.7754971624285565E-20.230414988258394790.29772319205813558-6.8249912859805639E-29.2807722376094803E-2-6.0903116966662729E-2
Y/Y Change in Sales Volume
13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q30.444676132312282980.193909823966220920.315485336001958946.7025104921458523E-20.215183696851209310.30004766997705090.229636701496209299.8289804429349426E-20.503526548816334520.302361358714148931.1954702730348377E-20.27690957604037369-0.16692381314812954-0.110558021863804928.237740654898551E-2-0.16707054837485713-7.7651282131664723E-2-6.3758106415950921E-3-4.4627090672982872E-3-8.1796203724574967E-29.3027174555648573E-26.7754971624285565E-20.230414988258394790.29772319205813558-6.8249912859805639E-29.2807722376094803E-2-6.0903116966662729E-2
Cap Rates for $2.5M+ Sales Transactions
Apartment13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q36.2254047161738602E-26.2363438258443663E-26.1263144836498827E-26.1988543250929798E-26.1517873306210058E-26.093535107663741E-25.8818015062686031E-25.9665898372353705E-25.8519632787883594E-25.8464765575604198E-25.809243305031641E-25.7859118848002725E-25.6529232400304427E-25.7327817601184938E-25.6389319653993096E-25.6176468468105985E-25.6164274913571038E-25.6069695192768484E-25.4616897955852312E-25.5443826217893379E-25.5575068229975461E-25.5142154664127183E-25.53947546863214E-25.4881728974858796E-25.5741341593337913E-25.5328832471577875E-25.4435557311376032E-2Industrial13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q37.5021208112604792E-27.5149630217089786E-27.4641823345914737E-27.4719288916368379E-27.3732215583528604E-27.2853785526576495E-27.2052647768730618E-27.0962694796576214E-27.052102460540767E-26.9529390003342961E-26.8719454681751876E-26.7504583054409262E-26.7318009525129618E-26.7047097505869166E-26.6644330650382846E-26.6934954412585373E-26.6878796220731146E-26.6301836973640088E-26.5831327831472247E-26.5235923786548702E-26.4289655994590855E-26.3917676454194203E-26.3810655043664094E-26.3271264592224541E-26.3464241235802007E-26.3614438332563944E-26.2996993037392313E-2Retail13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q37.1339773021419181E-27.0728254558914933E-27.0697806111079856E-27.045460018206591E-26.8299474807901078E-26.8733535896132028E-26.8380377988506269E-26.6360479178362533E-26.594362624447854E-26.5804050101425621E-26.5139289273811254E-26.454936989836875E-26.5643938257949661E-26.4021640216098519E-26.4431450529302714E-26.5404150102454484E-26.4470466581981217E-26.5067674093160166E-26.4988513906320641E-26.5700184719001367E-26.5232979778277855E-26.5369831672438122E-26.5019137998546167E-26.5582666609954016E-26.5433255487312991E-26.6358585322746702E-26.5854811297147597E-2Office13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q37.2360187388009437E-26.8732022641558504E-27.0575427775195876E-27.0798504172870202E-26.877251548503642E-26.9833311408287496E-26.8506156256721754E-26.7194268018926612E-26.8341456821997909E-26.729370030838186E-26.8117510233148798E-26.704080287381492E-26.6475135119104245E-26.5960918445590502E-26.4254801269506195E-26.7096467639440577E-26.7124770756427518E-26.5461146657221733E-26.5758574505539874E-26.65320674366882E-26.5675146713273777E-26.6604259206426694E-26.7153356313316967E-26.5940344948208843E-26.71183737180229E-26.7123838295010604E-26.7163921823179901E-2Hotel13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q38.2293849534507246E-28.1957988115481148E-28.1434272919131107E-28.1409811743798521E-28.2075148636619272E-28.2118148244289327E-28.2148610424668062E-28.1600078723249411E-28.1045584341169458E-28.1485544431271609E-28.1479294725392698E-28.3366294318687015E-28.4163880045510051E-28.4830710513212934E-28.544056510103798E-28.5253526961965767E-28.5771389690438821E-28.6699399859105547E-28.7786354918529319E-28.7475551085066411E-28.6842729364857055E-28.6819764446943407E-28.6277506967985917E-28.6031699092533331E-28.636866219456063E-28.6571109982129774E-28.6619272568761382E-2
Cap Rates
RCA CPPI™Year-Over-Year Change
Year-Over-Year Volume Change
Transaction Volume ($b) and RCA CPPI
Year-Over-Year Price Change
RCA_CPPI_M_UpdateMe
9/1/179/1/17
Copyright © 2020 Real Capital Analytics, Inc. (RCA) and all licensors. All rights reserved. RCA has no liability to any person for any losses, damages, costs or expenses incurred as a result of any use of or reliance on any of the information which may be attributed to it. Irrespective of the fact that certain data may be presented under the Fair Use doctrine all RCA data, databases, indices and index statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data or indices is permitted without express permission of RCA.
RCA CPPITM - US National Indices1
Updated September 2019, Data through August 2019
YearMonthNational All-PropertyApartmentCore CommercialRetailIndustrialOffice - CBDOffice - SuburbanOfficeMajor Markets (All-Property)Non-Major Markets (All-Property)
20001265.9163.0367.4760.9168.4664.6370.7369.5663.7866.62200012
20010166.2563.5867.7461.3068.6064.8570.8869.7864.2166.83200101
20010266.5264.1167.9361.6968.7764.9470.9269.8664.6067.00200102
20010366.7464.6068.0362.0569.0264.9670.8869.8364.9467.12200103
20010466.8865.0068.0662.3769.2964.8870.7869.7065.2067.18200104
20010566.9365.2968.0162.6469.5464.7570.5569.4565.3867.19200105
20010666.9165.4767.8762.8669.7264.5870.2069.0965.4667.15200106
20010766.8365.5867.6863.0169.9264.3769.6968.6065.4467.09200107
20010866.7165.6567.4363.1170.1664.0669.1568.0365.3467.03200108
20010966.5765.7167.1563.1470.4063.7268.6967.4865.1666.98200109Y/Y Price Change
20011066.4265.7766.8663.1270.4963.4168.3967.0464.9566.95200110National All-PropertyApartmentCore CommercialRetailIndustrialOffice - CBDOffice - SuburbanOfficeMajor Markets (All-Property)Non-Major Markets (All-Property)
20011166.2765.8566.5663.0670.3163.2868.2366.7564.7166.92200111
20011266.1265.9466.2863.0069.9363.3668.1366.5964.5066.902001120%5%-2%3%2%-2%-4%-4%1%0%
20020166.0066.0466.0562.9669.4063.6368.1466.5864.3266.91200201-0%4%-2%3%1%-2%-4%-5%0%0%
20020265.9466.1965.9062.9568.8864.0168.2766.7364.1866.97200202-1%3%-3%2%0%-1%-4%-4%-1%-0%
20020365.9566.3865.8462.9868.4464.4168.5466.9964.1067.10200203-1%3%-3%2%-1%-1%-3%-4%-1%-0%
20020466.0466.6365.8763.0868.1464.6868.8267.2964.0667.29200204-1%3%-3%1%-2%-0%-3%-3%-2%0%
20020566.2266.9665.9863.2867.9964.7669.0967.5664.0967.53200205-1%3%-3%1%-2%0%-2%-3%-2%1%
20020666.5067.4066.1663.5768.0164.6869.3467.7964.2367.81200206-1%3%-3%1%-2%0%-1%-2%-2%1%
20020766.8867.9766.4263.9768.1164.5669.5868.0164.4968.142002070%4%-2%2%-3%0%-0%-1%-1%2%
20020867.3368.6266.7464.4668.2064.5469.7768.2464.8768.512002081%5%-1%2%-3%1%1%0%-1%2%
20020967.8269.2967.1165.0468.2964.6769.9268.5165.3668.902002092%5%-0%3%-3%2%2%2%0%3%
20021068.3469.9367.5365.6668.4464.9170.0768.7965.9469.302002103%6%1%4%-3%2%2%3%2%4%
20021168.8570.5367.9666.2968.6265.1270.2469.0866.5669.722002114%7%2%5%-2%3%3%3%3%4%
20021269.3771.1068.4366.9468.8465.3570.4569.3867.1770.152002125%8%3%6%-2%3%3%4%4%5%
20030169.9071.6368.9267.6169.1965.6670.7069.7267.7670.612003016%8%4%7%-0%3%4%5%5%6%
20030270.4172.1169.4468.2869.6766.0970.9970.1068.3271.072003027%9%5%8%1%3%4%5%6%6%
20030370.8872.5569.9368.9470.1866.6171.2670.4668.8671.512003037%9%6%9%3%3%4%5%7%7%
20030471.3072.9470.3869.6170.5867.1871.5370.7869.4071.912003048%9%7%10%4%4%4%5%8%7%
20030571.6773.3170.7870.2770.8467.7471.8071.0869.9372.262003058%9%7%11%4%5%4%5%9%7%
20030672.0173.6271.1670.9570.9368.2572.0871.3570.4472.582003068%9%8%12%4%6%4%5%10%7%
20030772.3373.8871.5271.6370.9968.7572.3171.6270.9572.872003078%9%8%12%4%6%4%5%10%7%
20030872.6674.0771.9172.3371.1069.3272.5371.9071.4873.162003088%8%8%12%4%7%4%5%10%7%
20030973.0074.2072.3473.0571.2970.0072.7572.2372.0073.452003098%7%8%12%4%8%4%5%10%7%
20031073.3674.2872.7873.8071.4570.7472.9772.5672.4873.752003107%6%8%12%4%9%4%5%10%6%
20031173.6874.3473.2074.5571.5271.4373.1272.8372.9274.062003117%5%8%12%4%10%4%5%10%6%
20031273.9874.4273.5975.2671.5371.9773.2873.0673.3274.372003127%5%8%12%4%10%4%5%9%6%
20040174.3074.5873.9975.9371.5372.2873.5873.3773.7174.712004016%4%7%12%3%10%4%5%9%6%
20040274.7274.9074.4476.5471.7172.3874.2073.8874.2075.132004026%4%7%12%3%10%5%5%9%6%
20040375.2875.4474.9777.1072.1572.3775.0774.5674.8475.642004036%4%7%12%3%9%5%6%9%6%
20040475.9876.2275.5777.6272.8872.3876.0375.3175.6676.262004047%4%7%12%3%8%6%6%9%6%
20040576.7977.2076.2178.1173.8372.5876.9276.0776.6176.972004057%5%8%11%4%7%7%7%10%7%
20040677.6878.3376.9078.5974.9872.9777.7876.8277.5977.782004068%6%8%11%6%7%8%8%10%7%
20040778.6279.5077.6579.1476.2573.5378.6577.6178.5778.692004079%8%9%10%7%7%9%8%11%8%
20040879.5780.6978.4579.8377.3474.1579.5778.4379.4879.6620040810%9%9%10%9%7%10%9%11%9%
20040980.5081.8479.2780.6878.0974.8780.5179.3080.2980.6820040910%10%10%10%10%7%11%10%12%10%
20041081.3882.8880.1081.6578.5175.6581.4080.1880.9981.6920041011%12%10%11%10%7%12%10%12%11%
20041182.2283.7980.9482.7178.9676.4782.2081.0081.6482.6820041112%13%11%11%10%7%12%11%12%12%
20041283.0384.5781.8083.8579.5377.3382.9281.7682.2983.6620041212%14%11%11%11%7%13%12%12%12%
20050183.8585.3082.6885.0480.3378.2383.6582.4783.0284.6020050113%14%12%12%12%8%14%12%13%13%
20050284.6686.0483.5486.2181.1779.1384.2583.0883.7985.5120050213%15%12%13%13%9%14%12%13%14%
20050385.4886.8684.3687.3282.0580.1284.6983.6284.6486.3920050314%15%13%13%14%11%13%12%13%14%
20050486.3687.7785.2188.3782.9981.4785.0584.2285.6187.2920050414%15%13%14%14%13%12%12%13%14%
20050587.3788.7886.1589.3584.0683.3185.6185.1086.7888.2320050514%15%13%14%14%15%11%12%13%15%
20050688.4989.9487.1890.3285.2185.3186.4086.1988.0889.2320050614%15%13%15%14%17%11%12%14%15%
20050789.6991.2788.2491.2986.2486.9587.4087.3989.4090.2920050714%15%14%15%13%18%11%13%14%15%
20050890.9392.7589.2892.2987.0588.0988.4988.5590.6391.4020050814%15%14%16%13%19%11%13%14%15%
20050992.1494.2390.3293.2987.6888.9989.7989.7791.8092.4820050914%15%14%16%12%19%12%13%14%15%
20051093.2495.5391.3294.2788.2289.7791.2491.0192.8993.4720051015%15%14%15%12%19%12%14%15%14%
20051194.1796.5392.2795.1588.8590.5892.7792.2693.8694.3320051115%15%14%15%13%18%13%14%15%14%
20051294.9297.2193.1895.9889.7891.4194.0893.3794.6495.0720051214%15%14%14%13%18%13%14%15%14%
20060195.5797.6594.0796.7790.9992.3895.1194.3495.2995.7220060114%14%14%14%13%18%14%14%15%13%
20060296.1997.9694.9597.5892.3193.3995.8695.1695.8896.3320060214%14%14%13%14%18%14%15%14%13%
20060396.7898.1795.8098.3293.5494.5196.4395.8996.4896.9020060313%13%14%13%14%18%14%15%14%12%
20060497.2998.2296.5898.9494.7195.6496.8096.5297.0897.3920060413%12%13%12%14%17%14%15%13%12%
20060597.7298.0797.3199.3895.9596.6797.2797.2097.6497.7820060512%10%13%11%14%16%14%14%13%11%
20060698.0697.8497.9799.6997.0197.4397.8997.9498.0598.0920060611%9%12%10%14%14%13%14%11%10%
20060798.3297.6898.5099.8897.7497.9798.5698.6498.3498.3420060710%7%12%9%13%13%13%13%10%9%
20060898.5397.7298.8599.9998.0498.3699.0299.1398.5798.542006088%5%11%8%13%12%12%12%9%8%
20060998.7798.0499.07100.0198.1398.6799.3299.4098.8498.762006097%4%10%7%12%11%11%11%8%7%
20061099.0898.6399.2799.9998.2899.0499.5399.5899.1699.062006106%3%9%6%11%10%9%9%7%6%
20061199.4999.3399.5599.9798.8399.4999.7199.7499.5499.472006116%3%8%5%11%10%7%8%6%5%
200612100.00100.00100.00100.00100.00100.00100.00100.00100.00100.002006125%3%7%4%11%9%6%7%6%5%
200701100.65100.56100.70100.17101.59100.84100.71100.62100.63100.662007015%3%7%4%12%9%6%7%6%5%
200702101.45101.03101.63100.53103.17102.04101.83101.64101.47101.432007025%3%7%3%12%9%6%7%6%5%
200703102.36101.46102.67101.10104.42103.59103.05102.87102.54102.252007036%3%7%3%12%10%7%7%6%6%
200704103.32101.91103.69101.85105.28105.03104.06104.02103.73103.072007046%4%7%3%11%10%7%8%7%6%
200705104.26102.32104.68102.72105.83106.34105.04105.15104.95103.792007057%4%8%3%10%10%8%8%7%6%
200706105.08102.57105.64103.58106.26107.57106.17106.39106.11104.332007067%5%8%4%10%10%8%9%8%6%
200707105.62102.55106.47104.26106.67108.68107.31107.58107.12104.572007077%5%8%4%9%11%9%9%9%6%
200708105.74102.27107.01104.62107.21109.73107.97108.42107.80104.452007087%5%8%5%9%12%9%9%9%6%
200709105.38101.81107.06104.53107.30110.68107.91108.69108.04103.942007097%4%8%5%9%12%9%9%9%5%
200710104.69101.21106.67103.96106.90111.60107.44108.58107.89103.172007106%3%7%4%9%13%8%9%9%4%
200711103.80100.59105.90102.96105.99112.35106.77108.24107.46102.282007114%1%6%3%7%13%7%9%8%3%
200712102.88100.05104.95101.69105.06112.66106.08107.73106.83101.392007123%0%5%2%5%13%6%8%7%1%
200801102.0199.61103.95100.32104.35112.34105.36107.04106.10100.552008011%-1%3%0%3%11%5%6%5%-0%
200802101.2099.18102.9898.96103.92111.47104.79106.29105.3399.75200802-0%-2%1%-2%1%9%3%5%4%-2%
200803100.4198.66102.0497.68103.54110.22104.19105.44104.5998.88200803-2%-3%-1%-3%-1%6%1%2%2%-3%
20080499.5698.06101.0696.50102.99108.72103.33104.36103.9297.87200804-4%-4%-3%-5%-2%4%-1%0%0%-5%
20080598.5997.4599.9295.36102.02107.04101.91102.83103.2696.71200805-5%-5%-5%-7%-4%1%-3%-2%-2%-7%
20080697.5196.8198.6494.19100.91105.31100.10101.01102.4995.43200806-7%-6%-7%-9%-5%-2%-6%-5%-3%-9%
20080796.3396.0697.3192.9499.92103.7398.1399.11101.5694.07200807-9%-6%-9%-11%-6%-5%-9%-8%-5%-10%
20080895.0995.0896.0091.6299.19102.3396.2997.35100.5092.68200808-10%-7%-10%-12%-7%-7%-11%-10%-7%-11%
20080993.7693.8094.6890.2398.43101.0994.5995.7699.3191.20200809-11%-8%-12%-14%-8%-9%-12%-12%-8%-12%
20081092.2792.2693.2688.7497.3699.7693.0394.2897.9389.60200810-12%-9%-13%-15%-9%-11%-13%-13%-9%-13%
20081190.6090.5391.6887.1495.7898.2891.4992.8196.3587.84200811-13%-10%-13%-15%-10%-13%-14%-14%-10%-14%
20081288.7888.7189.9485.4693.8796.5789.9491.3094.6185.94200812-14%-11%-14%-16%-11%-14%-15%-15%-11%-15%
20090186.8986.8788.0783.7491.6894.7288.2989.6792.7783.95200901-15%-13%-15%-17%-12%-16%-16%-16%-13%-17%
20090284.9485.0486.1181.9889.4392.7286.5587.9190.8881.92200902-16%-14%-16%-17%-14%-17%-17%-17%-14%-18%
20090382.9983.2184.1180.1887.2090.5984.7386.0488.9879.89200903-17%-16%-18%-18%-16%-18%-19%-18%-15%-19%
20090481.0581.3682.1078.3585.0688.3782.8584.0787.1177.89200904-19%-17%-19%-19%-17%-19%-20%-19%-16%-20%
20090579.1479.5180.1576.5783.0886.1080.9482.0485.2875.95200905-20%-18%-20%-20%-19%-20%-21%-20%-17%-21%
20090677.3277.7278.3174.8981.3583.8779.0179.9783.5474.10200906-21%-20%-21%-20%-19%-20%-21%-21%-18%-22%
20090775.6376.0476.6373.4179.9381.7677.0577.8881.9472.38200907-21%-21%-21%-21%-20%-21%-21%-21%-19%-23%
20090874.1474.5575.1772.2078.8579.9075.0875.8380.5670.83200908-22%-22%-22%-21%-21%-22%-22%-22%-20%-24%
20090972.8773.3173.9371.2778.1078.3573.1373.8679.4069.48200909-22%-22%-22%-21%-21%-22%-23%-23%-20%-24%
20091071.8272.3272.8770.5677.6077.0871.2071.9978.4368.34200910-22%-22%-22%-20%-20%-23%-23%-24%-20%-24%
20091170.9671.5971.9569.9977.1776.0269.4170.2877.6167.39200911-22%-21%-22%-20%-19%-23%-24%-24%-19%-23%
20091270.2471.0671.1169.4876.5675.1167.8468.8176.9166.60200912-21%-20%-21%-19%-18%-22%-25%-25%-19%-23%
20100169.6470.7070.3569.0175.7474.3566.6367.6476.3565.96201001-20%-19%-20%-18%-17%-22%-25%-25%-18%-21%
20100269.1570.4769.7068.5674.8473.7765.7166.7475.9565.42201002-19%-17%-19%-16%-16%-20%-24%-24%-16%-20%
20100368.7870.3769.1768.1274.0973.4365.0366.1175.7265.01201003-17%-15%-18%-15%-15%-19%-23%-23%-15%-19%
20100468.5370.3868.7567.6973.5873.4064.5165.7275.6564.69201004-15%-13%-16%-14%-14%-17%-22%-22%-13%-17%
20100568.4170.5168.4467.2673.2973.6964.1465.5675.7364.49201005-14%-11%-15%-12%-12%-14%-21%-20%-11%-15%
20100668.3970.7468.2366.8773.1474.2763.8965.5875.9564.39201006-12%-9%-13%-11%-10%-11%-19%-18%-9%-13%
20100768.4871.1168.0866.5573.0475.0063.6865.6976.2864.37201007-9%-6%-11%-9%-9%-8%-17%-16%-7%-11%
20100868.6571.6367.9866.3272.9075.7963.5065.8476.7164.42201008-7%-4%-10%-8%-8%-5%-15%-13%-5%-9%
20100968.8972.2967.9166.1772.6576.5063.3866.0177.1364.55201009-5%-1%-8%-7%-7%-2%-13%-11%-3%-7%
20101069.1773.0367.8766.0572.3877.0763.4066.2477.5164.75201010-4%1%-7%-6%-7%-0%-11%-8%-1%-5%
20101169.4473.7767.8765.9772.1377.3963.6066.5377.7964.98201011-2%3%-6%-6%-7%2%-8%-5%0%-4%
20101269.6974.4567.9065.9471.9477.4763.9366.8478.0165.22201012-1%5%-5%-5%-6%3%-6%-3%1%-2%
20110169.9275.0567.9665.9671.8077.5264.2967.1578.2565.432011010%6%-3%-4%-5%4%-4%-1%2%-1%
20110270.1475.5868.0366.0371.7077.6964.5767.4278.5465.622011021%7%-2%-4%-4%5%-2%1%3%0%
20110370.3676.1268.1166.1371.5478.1164.7667.6878.9265.782011032%8%-2%-3%-3%6%-0%2%4%1%
20110470.6076.7268.1966.2671.2678.7564.9267.9779.4265.932011043%9%-1%-2%-3%7%1%3%5%2%
20110570.9077.4468.3166.4371.0379.6265.1368.3180.0966.092011054%10%-0%-1%-3%8%2%4%6%2%
20110671.2978.2568.5066.6570.9680.5665.3468.6980.8966.282011064%11%0%-0%-3%8%2%5%7%3%
20110771.7679.1268.7866.9371.1681.5765.5969.0881.8066.542011075%11%1%1%-3%9%3%5%7%3%
20110872.3180.0269.1367.2871.5982.5665.8369.4582.7066.872011085%12%2%1%-2%9%4%5%8%4%
20110972.9080.9069.5367.6972.1783.4666.0869.7783.5067.292011096%12%2%2%-1%9%4%6%8%4%
20111073.4481.7169.9168.1072.7784.2266.2769.9884.1167.732011106%12%3%3%1%9%5%6%9%5%
20111173.8982.4170.2368.4773.2384.8666.3770.0884.5168.172011116%12%3%4%2%10%4%5%9%5%
20111274.2582.9970.5068.8173.5485.4966.4270.1484.7968.582011127%11%4%4%2%10%4%5%9%5%
20120174.5783.4570.7569.1473.8086.0766.4770.2185.0868.942012017%11%4%5%3%11%3%5%9%5%
20120274.8783.8670.9969.4874.0686.5166.5570.2885.4369.282012027%11%4%5%3%11%3%4%9%6%
20120375.1784.2971.2169.8174.3386.8266.6070.3385.8469.592012037%11%5%6%4%11%3%4%9%6%
20120475.4684.8171.3870.0874.5387.0166.6170.3686.2269.912012047%11%5%6%5%10%3%4%9%6%
20120575.7685.4371.4970.2574.6887.1566.6770.4286.5170.272012057%10%5%6%5%9%2%3%8%6%
20120676.0886.1571.5770.3674.7887.2766.8570.5586.7170.672012067%10%4%6%5%8%2%3%7%7%
20120776.4387.0171.6470.4374.7987.4367.1270.7486.8571.132012077%10%4%5%5%7%2%2%6%7%
20120876.8388.0371.7070.4974.8087.6967.4070.9387.0771.632012086%10%4%5%4%6%2%2%5%7%
20120977.3089.2571.7770.6174.8588.0267.6171.0887.4272.162012096%10%3%4%4%5%2%2%5%7%
20121077.8390.5671.9170.8274.9388.3767.8271.2487.9572.702012106%11%3%4%3%5%2%2%5%7%
20121178.3991.7772.1171.1275.0288.6468.1371.4788.5873.242012116%11%3%4%2%4%3%2%5%7%
20121278.9392.7572.3871.5075.1888.9368.5271.7689.2673.742012126%12%3%4%2%4%3%2%5%8%
20130179.4393.5172.7271.9375.4589.2268.9472.1189.9874.222013017%12%3%4%2%4%4%3%6%8%
20130279.9394.1173.1772.4475.8989.5969.3972.5290.7574.692013027%12%3%4%2%4%4%3%6%8%
20130380.4894.6073.7473.0476.3990.0269.9273.0291.5675.182013037%12%4%5%3%4%5%4%7%8%
20130481.0895.0174.4573.7577.0290.7370.5473.6692.4075.722013047%12%4%5%3%4%6%5%7%8%
20130581.7595.4075.2974.5377.7891.7271.2474.4393.2576.292013058%12%5%6%4%5%7%6%8%9%
20130682.4895.8176.2275.3678.6393.0672.0775.3694.1176.902013068%11%6%7%5%7%8%7%9%9%
20130783.2396.2677.1876.1979.4094.6372.9376.3694.9977.542013079%11%8%8%6%8%9%8%9%9%
20130884.0096.8178.1277.0380.1496.4073.7877.3995.8778.192013089%10%9%9%7%10%9%9%10%9%
20130984.7797.5678.9877.8380.8998.2174.5078.3096.7178.8620130910%9%10%10%8%12%10%10%11%9%
20131085.5298.4879.7678.5881.5999.8875.1379.0997.5379.5320131010%9%11%11%9%13%11%11%11%9%
20131186.2399.5280.4379.2782.21101.3875.6179.7398.3480.1820131110%8%12%11%10%14%11%12%11%9%
20131286.92100.5981.0379.9282.77102.6876.0580.2999.1880.8320131210%8%12%12%10%15%11%12%11%10%
20140187.60101.6081.6280.5483.37103.7576.5380.84100.0881.4720140110%9%12%12%10%16%11%12%11%10%
20140288.30102.5882.2181.1483.92104.7177.0981.46101.0282.1320140210%9%12%12%11%17%11%12%11%10%
20140389.02103.5082.8381.7284.45105.5877.7582.18102.0182.8120140311%9%12%12%11%17%11%13%11%10%
20140489.78104.4283.4882.2785.13106.4978.4782.98103.0583.5220140411%10%12%12%11%17%11%13%12%10%
20140590.57105.4084.1582.8086.03107.4179.2883.81104.1584.2520140511%10%12%11%11%17%11%13%12%10%
20140691.39106.5084.8483.3487.18108.4180.0384.57105.3085.0120140611%11%11%11%11%16%11%12%12%11%
20140792.22107.6685.5383.9188.33109.5480.6685.22106.4685.7720140711%12%11%10%11%16%11%12%12%11%
20140893.06108.8586.2184.5289.31110.7781.1085.75107.5886.5420140811%12%10%10%11%15%10%11%12%11%
20140993.93110.0286.9385.2090.11112.0781.5186.29108.6887.3420140911%13%10%9%11%14%9%10%12%11%
20141094.87111.1487.7185.9490.87113.3482.0286.94109.7988.1920141011%13%10%9%11%13%9%10%13%11%
20141195.86112.1788.6086.7491.79114.5782.7887.82110.9889.0720141111%13%10%9%12%13%9%10%13%11%
20141296.91113.1889.5787.5692.81115.7883.8188.90112.2789.9720141211%13%11%10%12%13%10%11%13%11%
20150197.94114.2190.5488.3893.92117.0684.9290.02113.6190.8320150112%12%11%10%13%13%11%11%14%11%
20150298.89115.2391.4289.1394.93118.2885.9791.04114.8991.6220150212%12%11%10%13%13%12%12%14%12%
20150399.73116.2592.1689.8195.72119.3986.8891.88116.0692.3420150312%12%11%10%13%13%12%12%14%12%
201504100.50117.3492.7890.4096.14120.3987.7192.59117.1592.9920150412%12%11%10%13%13%12%12%14%11%
201505101.21118.5393.2890.9496.34121.3988.2993.12118.1693.6120150512%12%11%10%12%13%11%11%13%11%
201506101.87119.7593.6891.4496.54122.2388.5993.42119.0594.2120150611%12%10%10%11%13%11%10%13%11%
201507102.50120.8894.0691.9296.96122.9988.6893.56119.7994.8220150711%12%10%10%10%12%10%10%13%11%
201508103.12121.9094.4792.3997.69123.7388.8393.73120.4795.4720150811%12%10%9%9%12%10%9%12%10%
201509103.77122.8294.9392.8598.53124.5989.1094.00121.1296.1520150910%12%9%9%9%11%9%9%11%10%
201510104.45123.7595.4193.2899.47125.4089.5094.36121.8096.8620151010%11%9%9%9%11%9%9%11%10%
201511105.14124.7795.8693.66100.26126.0989.8994.70122.4797.5720151110%11%8%8%9%10%9%8%10%10%
201512105.83125.9596.2794.02100.86126.6390.2695.02123.1298.262015129%11%7%7%9%9%8%7%10%9%
201601106.50127.2596.6394.34101.16127.2190.5095.34123.8198.922016019%11%7%7%8%9%7%6%9%9%
201602107.21128.6197.0294.66101.36127.9790.7395.76124.5699.582016028%12%6%6%7%8%6%5%8%9%
201603107.99130.0197.4794.98101.72129.0691.0796.37125.43100.262016038%12%6%6%6%8%5%5%8%9%
201604108.84131.4498.0195.29102.20130.4591.6497.18126.41100.982016048%12%6%5%6%8%4%5%8%9%
201605109.73132.8598.6095.61102.81131.9692.3398.06127.46101.732016058%12%6%5%7%9%5%5%8%9%
201606110.62134.1699.1895.90103.43133.5292.9998.88128.51102.502016069%12%6%5%7%9%5%6%8%9%
201607111.45135.2999.7296.14104.15135.0093.5699.62129.47103.252016079%12%6%5%7%10%6%6%8%9%
201608112.20136.33100.2296.31104.80136.4594.14100.32130.26103.982016089%12%6%4%7%10%6%7%8%9%
201609112.86137.30100.6896.39105.50137.7594.84101.05130.89104.682016099%12%6%4%7%11%6%7%8%9%
201610113.45138.25101.1396.42106.23138.8295.66101.80131.42105.322016109%12%6%3%7%11%7%8%8%9%
201611113.95139.15101.5596.44106.97139.4596.50102.45131.94105.902016118%12%6%3%7%11%7%8%8%9%
201612114.39140.00101.9496.46107.64139.6997.20102.94132.51106.412016128%11%6%3%7%10%8%8%8%8%
201701114.85140.84102.3396.51108.46139.7597.68103.28133.23106.912017018%11%6%2%7%10%8%8%8%8%
201702115.41141.73102.7696.58109.59140.0697.99103.56134.14107.432017028%10%6%2%8%9%8%8%8%8%
201703116.13142.79103.2696.67110.99140.7398.25103.89135.28108.022017038%10%6%2%9%9%8%8%8%8%
201704117.02144.15103.8096.77112.38141.7598.56104.33136.57108.722017048%10%6%2%10%9%8%7%8%8%
201705118.04145.85104.3596.89113.40142.8499.03104.91137.90109.522017058%10%6%1%10%8%7%7%8%8%
201706119.13147.70104.9197.01114.19143.8799.67105.62139.14110.412017068%10%6%1%10%8%7%7%8%8%
201707120.19149.53105.4597.14114.89144.73100.37106.38140.27111.322017078%11%6%1%10%7%7%7%8%8%
201708121.19151.15105.9997.30115.65145.51100.98107.09141.30112.212017088%11%6%1%10%7%7%7%8%8%
201709122.09152.57106.5197.49116.32146.25101.43107.71142.27113.032017098%11%6%1%10%6%7%7%9%8%
201710122.88153.80107.0197.70116.80146.94101.79108.24143.15113.782017108%11%6%1%10%6%6%6%9%8%
201711123.55154.96107.4897.90117.13147.47102.19108.74143.89114.482017118%11%6%2%9%6%6%6%9%8%
201712124.17156.14107.9598.09117.58147.78102.68109.23144.50115.162017129%12%6%2%9%6%6%6%9%8%
201801124.80157.45108.4498.28118.46147.88103.32109.75145.02115.862018019%12%6%2%9%6%6%6%9%8%
201802125.50158.91108.9798.49119.83147.84104.11110.35145.53116.622018029%12%6%2%9%6%6%7%8%9%
201803126.27160.52109.5398.70121.22147.79105.13111.12146.09117.412018039%12%6%2%9%5%7%7%8%9%
201804127.09162.30110.1098.94122.13147.86106.33112.04146.73118.232018049%13%6%2%9%4%8%7%7%9%
201805127.93164.16110.6699.21122.38148.14107.60113.07147.41119.062018058%13%6%2%8%4%9%8%7%9%
201806128.78166.01111.2199.49122.36148.64108.63113.99148.04119.902018068%12%6%3%7%3%9%8%6%9%
201807129.57167.61111.7399.76122.60149.34109.33114.72148.55120.722018078%12%6%3%7%3%9%8%6%8%
201808130.28168.84112.2299.99123.44149.94109.66115.15148.91121.472018087%12%6%3%7%3%9%8%5%8%
201809130.84169.66112.66100.17124.72150.35109.81115.38149.19122.112018097%11%6%3%7%3%8%7%5%8%
201810131.27170.19113.06100.32126.00150.58109.85115.44149.46122.642018107%11%6%3%8%2%8%7%4%8%
201811131.63170.60113.43100.45127.19150.92109.85115.46149.83123.092018117%10%6%3%9%2%8%6%4%8%
201812132.01171.05113.79100.56128.39151.57109.77115.45150.33123.542018126%10%5%3%9%3%7%6%4%7%
201901132.50171.67114.20100.68129.88152.69109.69115.51151.01124.032019016%9%5%2%10%3%6%5%4%7%
201902133.10172.54114.64100.81131.52154.22109.66115.68151.86124.592019026%9%5%2%10%4%5%5%4%7%
201903133.85173.67115.14100.97133.20155.84109.73115.95152.85125.252019036%8%5%2%10%5%4%4%5%7%
201904134.73175.03115.68101.17134.86157.24109.88116.25153.87126.042019046%8%5%2%10%6%3%4%5%7%
201905135.72176.49116.27101.41136.36158.29110.06116.54154.84126.942019056%8%5%2%11%7%2%3%5%7%
201906136.79177.96116.89101.68137.58159.10110.26116.85155.70127.942019066%7%5%2%12%7%1%3%5%7%
201907137.88179.41117.51101.93138.40159.77110.47117.16156.46128.982019076%7%5%2%13%7%1%2%5%7%
201908138.97180.85118.10102.15138.93160.51110.67117.50157.18130.002019087%7%5%2%13%7%1%2%6%7%
1 The RCA CPPI is based on repeat-sales (RS) transactions that occurred at any time up through the month of the current report.
This September CPPI report provides price indices through August. These indices are estimated using transaction data collected through the month of September.
Because CPPI allows for backward revisions and incorporates any new data we receive subsequent to publishing, full history (from inception to current month) of future indices will reflect adjustments due to additional transaction data.
Commercial Property Price Index
($2.5 M + Market)
Major Markets20012001200120012001200120012001200120012001200120022002200220022002200220022002200220022002200220032003200320032003200320032003200320032003200320042004200420042004200420042004200420042004200420052005200520052005200520052005200520052005200520062006200620062006200620062006200620062006200620072007200720072007200720072007200720072007200720082008200820082008200820082008200820082008200820092009200920092009200920092009200920092009200920102010201020102010201020102010201020102010201020112011201120112011201120112011201120112011201120122012201220122012201220122012201220122012201220132013201320132013201320132013201320132013201320142014201420142014201420142014201420142014201420152015201520152015201520152015201520152015201520162016201620162016201620162016201620162016201620172017201720172017201720172017201720172017201720182018201820182018201820182018201820182018201820192019201966.82725929039089966.99825037464150167.11948150675459667.18241170489230367.18776119215070367.14949732437230567.08842011559990267.02700179453350466.97861761648229666.94612241269639766.921360792065366.90467854041089966.91487226655080266.97474602483990267.10014712244499467.28616148522949967.52634334411979567.81331044736759868.14310915945340268.50911544654259468.89986997751030669.302521163169869.71919191842960170.15217512134570770.60898369279040371.06868529927319971.50613763553539671.90523342425849872.26188151174540172.58350082401010272.87390677955420473.15510332583259973.44600414679850173.74829922949210574.05575926859090474.36555810001389974.71125731306909875.12656448462119875.63969202749669376.25550004748470276.96850850889489977.78003225033100478.685733796581879.66241057148469980.67518419193629681.68669776629950382.68427389229489783.65770149852480184.60433774575730685.50734124505450586.39134148527820487.28912476168760388.23386531695250389.23453331653590290.29411459989539491.39502051654609792.47545123600819793.47121319728640394.33479284135040695.07398833269100295.72222286593090296.333881428230296.90238714186800597.38987445274500597.77675591090070498.08893150344900498.335207201163298.54433412070869798.76346516251939599.06063248738570399.473170914522598100100.659587786608101.425361032034102.25313423550401103.066864374567103.790287895451104.331952787139104.573135772348104.445594190565103.940386302633103.173554050487102.276324418165101.385270329192100.55407666040299.74674378533950498.87917947541879597.87155392322350296.70683371934940595.42648648448310794.073262387130192.67582704328360491.19796142851930789.59708322017810687.83801297877140385.94161025918789783.95024345220410681.91786842740910479.88955357985709377.89088457630620675.94954738930219774.09919329770279772.37871404419860370.83042702008549469.480561690312368.33847116297739967.38936993421880666.60279879940165.95598559944059565.42492109236249665.00571492481169964.69397112457190264.49398648606499864.38876632706360764.36662010323969764.42175920654709464.55459704656780764.75020736945630564.97862844425199665.21555912785289965.43332770969209465.62361828415879565.78224623929929765.92960743053099366.08547281149479666.27660007668029666.53542778037619666.87495193395849967.28647030548199867.73189406891600668.17105831144959968.57725098657469768.94470981035999669.27771040325339469.594656310958369.91391436448580570.26618287164619470.67400153796880671.13363990954340571.63329528891199572.16042519037789372.70420840109750373.24040680822790373.74229542404340574.21655365846399474.68701447081770175.18189820938590675.71623423276409476.29304756444990776.90458532354139777.53646206740019478.18982888745820578.856225098959379.52719115594840180.18209788185690580.82660424696770581.47161786818800582.13254502143260582.81076965656380783.51568166856850484.25023259132029885.00520125091880285.767966705239886.53917822272009687.33973444047070788.18690426979850489.07359188352229889.96802732681919790.82867810011970391.62390280974220592.34135720356729892.99482519492660593.60868845809210494.20889954953649794.821881145597795.46918119251689996.15351356803429996.86097327728900697.56602715607100298.25775320448279698.92375050479850599.584170298076401100.263088718118100.982223329291101.734914354802102.49671410645701103.249683190149103.98075050462499104.67813611926501105.321712176232105.89635858076301106.41365286473101106.90854542640599107.43099447243701108.021150965895108.715536712562109.518444082624110.40709669008901111.323513229515112.208882848022113.030217321474113.781804626831114.47977798279599115.157206383391115.8622314701116.61571623516301117.413623049507118.232404431438119.064221556612119.90136957995701120.717127421553121.47012826506122.113874658143122.639072963147123.093782482143123.536479550034124.025689376633124.590103702012125.25472760091Non-Major Markets200120012001200120012001200120012001200120012001200220022002200220022002200220022002200220022002200320032003200320032003200320032003200320032003200420042004200420042004200420042004200420042004200520052005200520052005200520052005200520052005200620062006200620062006200620062006200620062006200720072007200720072007200720072007200720072007200820082008200820082008200820082008200820082008200920092009200920092009200920092009200920092009201020102010201020102010201020102010201020102010201120112011201120112011201120112011201120112011201220122012201220122012201220122012201220122012201320132013201320132013201320132013201320132013201420142014201420142014201420142014201420142014201520152015201520152015201520152015201520152015201620162016201620162016201620162016201620162016201720172017201720172017201720172017201720172017201820182018201820182018201820182018201820182018201920192019000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000Apartment63.58075073256880264.10949060594710164.59671642072410765.00025199913309865.29042670098600465.471175765452565.57954181609950765.64899288997530465.70898621352820665.77478536682640765.84899491823199565.93562305959260166.04369652037419866.18991805042439666.38332009320309666.63070896588959666.961153889355667.40499543081999467.97084430675279568.62271086454329369.29343971127309569.93225681173909470.53031261596279971.09531439603850371.63198124169929372.11435380621890172.54631770142410172.94191168026360173.30742412327809673.62361722424640273.87770004263549674.06750029675899374.19820050017810374.27967984387700574.33725669246149474.41832604639090274.57886955544199774.89806300898689575.43544703954839376.21946951406809577.20428972214500678.32638207879409779.50394514824229580.69221497425650181.836061099093382.88057042940219883.78845110207670684.56718393362629685.295464771336186.04164074898180686.86086737427589887.77327184008520188.78325431199330489.94021731720620591.27244808347140392.75240707312609394.22778234361349895.531417426920296.53437430908340497.21492188825439597.65121816175999997.95971454793810698.17496807244080598.21539560850979598.07192982308529897.84133097198579897.67544980194399897.72257952316330498.04328066558790198.62895132822349499.330630281218205100100.56248206454499101.034680548945101.46198761661699101.910501829328102.31907410447501102.57121764355399102.547862208051102.26683901537901101.805121431457101.214177770253100.593231728341100.04998543249399.60943692546000299.17529789333259898.66246215725540598.06026378457400597.45223704903010396.80954093243430296.06190558998450595.075239799008693.80046379253070792.25892948004749990.53067109506029988.70598002644500586.87170292690400785.03681312840529983.20561752190900581.35941467147669979.51212379569429377.71862731853090676.04127443356999574.55278468864899873.30637945698019672.31854548981010671.58700361162250771.06097042784439670.70082394836730170.47235520560990170.37158993618210470.383769730596170.51096051696210170.74462615594740171.11070285116780171.62870469557640372.28802450582479473.03039479724890373.76840368298159974.44759469795039375.04729130462020275.584619671439176.11696929887189476.72419499430729777.44425324557340778.25307560669109879.12458994997049980.017214873954780.90071820350550581.71218902405429782.41328661302810682.99333577645670383.45234666549839683.86164788402879884.28906680699239584.80549079958039785.42704616131349886.15413103043890487.00657073048590588.03465918772630589.24868378569719690.55653369345969891.77190854824149892.751847457148593.51350546479599894.10585865259394.59880713261520795.00906192995809495.40488327328979895.80520584685299996.26081521218739696.81490429275109597.55517100865830698.48135422045210499.521766500222796100.586051381058101.60188440840901102.57536089515401103.49537118422801104.415690376941105.401588394417106.496574041366107.658508929485108.85372449175701110.019676083712111.13951616459001112.172180990738113.184333081378114.20941913063115.229548316101116.249962604253117.342450299913118.532946117119119.751433179421120.88364410328499121.898144558246122.82254773406299123.751264190009124.773943202315125.952440180271127.251044396173128.609035842233130.00788700141601131.436194486441132.85400951678301134.15891202454401135.29328553962199136.32540307432799137.30417998102601138.25331874392501139.14551408646801139.99687267044499140.84005371836141.73093965161601142.78647311750299144.14892159394401145.84662827712401147.70171633964301149.52813660603101151.15035881073899152.568921221842153.80219922277399154.95718587138899156.14276113913701157.44752764245001158.906355816977160.51637386419799162.29513986633901164.16325809578001166.01213757390201167.60741679814299168.838542808195169.664746361955170.19425057548699170.60141605087799171.046030017475171.66613367668401172.537949097866173.67372601350499
Commercial Property Price Index by Property Type ($2.5 M + Market)
Core Commercial20012001200120012001200120012001200120012001200120022002200220022002200220022002200220022002200220032003200320032003200320032003200320032003200320042004200420042004200420042004200420042004200420052005200520052005200520052005200520052005200520062006200620062006200620062006200620062006200620072007200720072007200720072007200720072007200720082008200820082008200820082008200820082008200820092009200920092009200920092009200920092009200920102010201020102010201020102010201020102010201020112011201120112011201120112011201120112011201120122012201220122012201220122012201220122012201220132013201320132013201320132013201320132013201320142014201420142014201420142014201420142014201420152015201520152015201520152015201520152015201520162016201620162016201620162016201620162016201620172017201720172017201720172017201720172017201720182018201820182018201820182018201820182018201820192019201967.74176199005289367.92561065771360568.03004744017789668.05653705067280268.00580160843860367.87498868952849367.67531530033279867.42664512729270167.14870947438839766.85520506400300266.55701436018439766.27788011888040466.04890335149680465.89931179535180765.84013502400989665.86774278967560365.97697697649360366.16393301965780466.42019041328190166.74020196487829567.11443447920240167.52609145944809767.96223492999359968.42560065898780468.92193877467559669.43508334914109569.92556899981259770.37700986861300170.78334562007809471.15853010082439371.52135462914570571.90885154408330572.33527861819649772.78155203571390173.20472486563549873.59339000635910173.98568006501720674.435148658898174.96966029036910675.56849262492829776.21234923613019476.901214197206477.65262368003919878.451154689576179.27392331454109480.09881399775700680.94031003910160481.80242933141390482.68462200137149483.53859150467569384.36385260507529485.21131371244699486.15294445094660687.17634705454449388.23727998277800689.28258344910979490.317927347183391.31731380307429992.26875051090080193.18128580615180694.070407613547894.95422233969310495.80137552376659596.58331833345199997.31176799194099797.96722900729500398.49754827280540398.84974070971780799.07242275241570499.26902709866800599.552195978143402100100.703689047285101.62544243953102.670628310108103.69469603728901104.679917651954105.641846084061106.472285919637107.01235967120699107.06335669593599106.66527466250599105.902020832704104.950587187854103.945974005114102.981552574356102.044988586968101.05969902391299.91729870003159498.64293561878000197.31019303794670396.00236356437760394.68083318633459693.26194852081509691.68228332869550589.94385631533670388.07365783587539586.11227744220930484.10824979941719482.10151323571520380.15076866498820678.30669717443559876.62952349186109375.16586349994010273.92664741864750572.87268807172910171.94627592435010471.106175096667370.35490295197749369.70435125306039569.16838971101080368.74773535994120368.44017082021430668.22790030906429668.08373128541460167.983648409154167.91211727755289567.871814210709967.865605981895267.89857699181669767.96022823429059768.032657232011868.10644132690720268.18875894458689468.31320940425089868.49988280114300268.77526933429480569.12733561223450469.52520176144010169.90871869912059870.23393543911670670.50272770730579570.75110844093839570.99117643267510471.21082713517380171.37713718112060271.48941605092809971.57457450706370171.63689517718890471.69638146266460471.77323035785080771.90524211728529772.10705496341719872.37817497739220672.72458255987859873.17045590842930473.73914283209499874.45062493577279475.28862282774049776.22112374760719477.17822214148560578.11821510006329678.98378502516860179.75656159827080780.42728379273179981.03235567079150381.61550139843970482.20990605444849682.82606657328250383.47590426788750184.15333774642590584.84367229410300185.53277327373909686.21399645632010386.92646592599780387.71043207233590588.60177201056100789.56902081390799790.53649242631189591.41685015754829692.16424187748360592.77784867726039493.27528453205209893.68347030193079794.05817241959640394.46769796864589494.927570153651895.41055297792260695.86316540034050696.26686851641480396.63199079169649597.01686980607510797.47424432471970698.01410420922640398.59823316684899999.17591528219989599.717490831100903100.216195668946100.683019956926101.127571986676101.545420915306101.93677977382499102.33063341657102.764904034146103.260237679467103.800057606735104.35341034949499104.90604577852601105.45359979478105.992374037095106.51446688076901107.00880322392899107.47910804274299107.946293099157108.43891547675108.970999538153109.529888925853110.097803977043110.66242253849001111.211158236893111.73427126454899112.218929241596112.663988848088113.058483530085113.426581673163113.79180918713401114.19615696394099114.643905629926115.139832784879Industrial20012001200120012001200120012001200120012001200120022002200220022002200220022002200220022002200220032003200320032003200320032003200320032003200320042004200420042004200420042004200420042004200420052005200520052005200520052005200520052005200520062006200620062006200620062006200620062006200620072007200720072007200720072007200720072007200720082008200820082008200820082008200820082008200820092009200920092009200920092009200920092009200920102010201020102010201020102010201020102010201020112011201120112011201120112011201120112011201120122012201220122012201220122012201220122012201220132013201320132013201320132013201320132013201320142014201420142014201420142014201420142014201420152015201520152015201520152015201520152015201520162016201620162016201620162016201620162016201620172017201720172017201720172017201720172017201720182018201820182018201820182018201820182018201820192019201968.59749225192649668.77213434614139969.01878879595730669.28636418205209769.54070864194720569.72477469053480169.91727541336419470.164422245558170.40025247639330570.49092991051369970.314882049185369.92710766941739669.398560383000568.88055357546970568.43735903847030568.13690976224700167.99050618130270668.01105349679359368.10927437482169568.20089893751999568.292672036881268.43623038885709868.61562011523368.84176705193129969.18892449173519369.66551890675350570.17782398071689470.58338366986259970.83960841885949870.93069310420010370.98527480731800771.100788112667971.29108155858109871.44963914077300271.52313963316659371.52650779197500771.52884129772479671.70820143746790672.15030167790770672.88486043764379573.83358965716489374.97812785277889776.25171815110900377.33598530733449678.09277316551749978.51374074956190478.959728110336379.526637758332280.32872657606890281.17083048685870582.05120584437480682.99399224562870484.05757131794730785.206407599784186.23586320648350187.05106648595560287.68297493691710588.22198595081060588.84685439996600689.78279295996729690.98880870197909692.31016199651439593.53994718826220494.71399210572170195.94816041793249997.00916242064430297.73525129475869798.03536901657230498.132489643138298.28208276839598.829600953653099100101.592951638752103.165871754333104.419390919001105.279058289373105.83011019428901106.257605994554106.673144088698107.214638017532107.29733787834106.903815084405105.98912895999101105.06158921820401104.34981288082599103.92086273647899103.536058904827102.985806096828102.021065370965100.91274505608699.91768290675959599.18850608065780298.43351977625219797.35546129077630495.78090560314309793.87097541488050591.68308246117709489.42687725588139487.19980691924719585.06432111254440583.08366940282330481.349780216371479.93372997471209478.85475113000029578.09910324755989677.60139287294799777.16724059042630376.56230653260109975.74109408575870474.83952929420769474.09235913869589873.57520834623490273.28624418569660373.13815924126200273.04062409944209872.90322541757809972.65275381323290672.38485724754690472.13070347215530471.93799971381980671.80429857765149471.69810763658550571.53991648283809571.26459717299950171.02868630876230370.96350885618309771.16333838463400271.59233724391660372.17155466141379372.771041396504673.23175208173449873.53548247997410773.80302287252050174.06365863792780174.32541595593569674.53242887774520474.68212402950699474.77568984651560474.79211792015449674.79601521193370774.84515589213140274.92937984217660175.02408103826709975.18353918810909475.45209340524959975.88813177445689576.38975399503350277.02009222226999477.77707168450790278.62658489916130179.39834560239660380.13550942206660580.885974694140681.590236554409682.20605495541559582.77430244002580783.36630869203729383.92325251622020284.44946068684170485.12520425188890386.03423044885440287.17631726734769988.32995455065000189.30753590302650590.10672046581950790.87274883287389691.79177468305539492.814368202783293.91976979466760294.92941561804529795.71937022825970696.13745829436049996.34144004027339796.54230836494190396.96085091371830397.69329804808160198.532715455453399.468815880516402100.260299626574100.86192584593201101.157106437669101.355831750829101.72482197476501102.195407464767102.807810611864103.43053967488601104.146006273346104.80362410136105.503167920487106.229673563586106.97092796454299107.636258466504108.458677822748109.59177483589001110.991702903762112.376972564689113.39977359307299114.186423435827114.891059607594115.649886833859116.318587217052116.800430429922117.131488755357117.582952627342118.460729507118119.83238599640001121.21981047961501122.132875919619122.375626382112122.36429106428122.59877474821999123.44469739231501124.723207212894126.001277021329127.18656444927601128.38561508510699129.87882199609001131.51880948572901133.20242143453001Office - CBD64.85066671286050264.94332649989159764.95841483422759764.87637572568540664.75395904693969864.58107580881390764.36728602185479564.05742473791059463.716169794784263.41162392770360263.28107711177820263.35887196013010263.62551909430629864.01278340914279964.40805521079630664.68012552582909864.76313877472010564.68341474731360664.55606254761380664.54114060761629964.67448312093749564.90648473623190365.12371777381099565.35090202063290165.663111177201566.09182246916249466.61144922644389567.18400991468989567.74107427427630168.24992895845868.74888490920770369.31783850204159669.99555882226829370.73868740569959471.43198021860830271.96538762295189472.27677665543559772.37607689666970172.37496517094540172.38459245385040272.58175872943769572.96529769060140373.52599625899469574.15063767739940274.86797772205099575.65267255585840276.46820985734790177.33224261387229678.22619386348340279.13166979122610280.12360552734510681.47191624228800383.31387532698930485.30592762934999586.94716424981770388.08777409970549988.99133094960680589.76544579804080190.57696326175549591.41372837137740292.37597887563090693.38894430690970794.50650829520280695.64062249505340796.67308174405569397.43487534507430397.97195368900830298.35568105013510498.67265289296520399.037828684480899.485544805889504100100.84018165978399102.04184646834103.58662113838101105.033053829929106.34204080460999107.565933152396108.68439336656201109.73408970360001110.675008989872111.600698211756112.349267479468112.656149114006112.34169722858999111.466099283207110.21651823983601108.723802419614107.042800405232105.313787845191103.725065662752102.326398175367101.08522502766399.75869779395320398.28403860033840596.56883908466089494.72237291960080192.722823455265190.58639605398420388.36767226903330786.103538073159283.86666417863310181.75869290976160679.89589913783549978.35099243172990777.07895583933969976.02098512969439575.11147774160130674.34668614702880573.76670226277610773.43312249361800173.39654471955350373.69160934527799674.27446435022869875.00492688696689975.78729920298690176.50473555975699577.07459274909500477.39185056303729577.46870393898389377.52310767207380677.68671470614590678.10586561674929878.75490041819880179.61533510296369880.56288222779950681.56784471946869582.55835087110040183.46386234413209684.21598917296650284.86296947585020785.48620029044140386.06660408990529786.50532538604200386.82061610853240687.00550126208490687.14760604316509887.274070415506587.43445197446629987.69162455834610688.01805772842659888.366312988925588.64340286187619788.92514410533979789.21956455797770589.58729192629179790.01829425970849790.72668668428319491.71826530972209993.06008718917020494.63306888781160496.40084044257589898.20967572001569699.884599310792694101.380722759581102.679757743444103.745690934137104.713302581938105.57773851180799106.49402005893199107.41029467562601108.4090236442109.539366641987110.77072243491099112.072990686446113.338408920256114.567570895241115.77801422545301117.05901201058001118.27611943607501119.391580603237120.39240643296201121.385485309402122.233448815918122.99089207296601123.727665927289124.590036263928125.401697465468126.093936308669126.63468493556201127.21086859184901127.972107152528129.060078921425130.44964158823899131.96132210103599133.51988970970299134.998693125128136.44799836421299137.75161706727701138.82460206723701139.45022068318499139.68748791111801139.751149789404140.060676264059140.72779642175601141.746990692818142.83541501586299143.87105759087001144.73168190844501145.512017194805146.247537513162146.93818878846901147.47025851703501147.78380491710101147.87776664082147.83646600624499147.79310916878899147.85907350938601148.140787020273148.63811304705399149.34098126718499149.94461288435301150.349667249693150.57837960053399150.92011972319151.571194046557152.690597507635154.21525254138101155.836783378988Major Markets (All-Property)64.21089321207300364.601072478109764.93866963670930765.20303213684110265.38177922694700365.45863605215249965.44252007843670165.33599806012310365.16378772750370364.94597799459430164.71486324587810764.495307342003564.31587848577750364.18489263745290464.10250147715470364.05973502740219864.09164633450529964.23197495792679564.48870073961559564.86962123997810265.36385918157489565.94171803838149566.55681029247939867.16507244158130267.75740667965750768.31660425638820368.85900098799750469.39858120675050769.93115074473979670.44256960342990270.95292568022979771.47611750665750271.99628568849129872.48286426553779972.91599918626539573.31530351604590173.714844928456674.19881618758850574.84214251066720275.66101205972910376.60887333445269677.59392066872550278.56830989068579679.47939229551160280.29305228729009580.99255781796979681.63704324190230582.292213522118883.017554581992383.79067854393440584.63673856072649985.61197869263129786.77790785797110188.08373577280319589.40027625554330490.630077113157191.80077606251160292.89234438650400793.85822625238449794.64284627066659595.28946036567029495.875707587012396.47775327868700497.08238422059700797.64266814153209998.05162295463070298.33931909709549898.57028312054019698.84450313287879999.16112767485769699.541978993281703100100.629077284578101.47141963612999102.539721941493103.727280706337104.945800224143106.110467485519107.11534701921801107.79682919399001108.04236765652701107.888237358751107.45576122601901106.832821862873106.10094312623301105.329452594709104.59236410769201103.924844338047103.255262421824102.485489241096101.559051670844100.5036173414419999.31049586920720297.93213291387270796.34654692510780294.60507019214409892.76869452772389590.88189230607170588.98406714326739687.11089797036279985.28115776836560383.536928818728181.94113541227329780.55683017164510379.40242772242369578.43319357854389377.60918977501289476.90957523397310176.34612144029630175.94764773695810375.71661594527390175.65021908222010475.72795037740149875.94721654542240776.28174076720260676.70557821701889677.13423473153530177.50904260266000377.78674595720090778.00892010002850478.24591038916460778.53832604275889778.92439649082969379.42198182446119980.08615264278799480.89197642387240781.80139515632180382.70382927467549983.50281110902210584.10505848942939684.50616321403100584.78885786082599985.07890513022310685.43381795785529785.83843110423950486.21863511370969586.50903202871319386.70934869690600586.85430501247640287.06610260981429487.42481016182719687.95087212136159888.58087772052940189.26139790548140289.97562056806229790.745