US Commercial Property Prices Near a Floor, but Big Deals Lag
Trepp's second-quarter 2026 Property Price Index shows commercial property prices stabilising overall, though larger deals are still losing ground.
What are the headline numbers?
- All commercial property: down 0.12% from Q1 and up 0.06% over 12 months
- Multifamily: down 0.
- 01% on the quarter and down 2.56% year on year
- Retail: up 0.31% on the quarter and up 1.34% year on year
- Industrial: up 0.15% on the quarter and up 2.07% year on year
- Office: down 0.65% year on year
- Lodging: down 6.53% year on year
The index uses repeat sales, adding 9,508 new sales pairs in Q2.
What is the "floor" story?
Commentary on the data says smaller and mid-sized assets are holding their value, while higher-dollar transactions continue to decline. That makes the stability a better starting point for investors than proof of a broad recovery.
What does it leave out?
Q2 ended before the recent rise in Treasury yields and in mortgage rates. Lenders have grown more cautious since, and a CREFC survey shows sentiment at its weakest since 2023. The next quarter may look different.
What should investors take from it?
Price stability by sector is uneven. Industrial and retail are firm, while lodging, office and multifamily remain under pressure.