Commercial real estate prices continue to nudge along, or not, depending on their asset class. Their journey reflects a larger economic concept made popular in this recession: the K-shaped recovery, meaning that different parts of the economy are improving at different rates. While pricing in the retail and hospitality sectors continue to slide, apartment and industrial are posting gains, according to the RCA CPPI.

Pricing in the office sector sits between these two groups. Namely, for October, the US National All-Property Index rose 3.6% from a year ago, the apartment index rose 7.2% and the industrial index 8.5%. Retail prices were down 5.2% from a year prior. The office sector continued to fall at about a 1% annual rate, with suburban offices leading that slide, falling 1.6% year-over-year in October.

Pricing has been difficult to establish during the pandemic in large part because transactions have been lower and in some part because expectations between buyers and sellers have remained far apart.