Deal volume for US commercial real estate assets rose 74% year-over-year in July and remained well above the average pace set across each July since 2005, according to a new analysis from Real Capital Analytics.

The apartment sector accounted for 35% of CRE investment last month, while office began to make up some ground loss during the pandemic with 26% of sales volume. That increase was mostly comprised of suburban office deal activity, as investment in urban cores and CBDs remain tepid. The suburban price index went up 11.7% last month, while the CBD office index fell 4.6%, RCA analysts say.

Multifamily also led price gains, according to RCA's CPPI US report released this week. Apartment asset pricing rose 13.5% year-over-year, an increase that's on track with levels posted during the housing boom prior to the Great Financial Crisis. Also in July, the US National All-Property Index increased 11.8% year-over-year.