January was a bad month for commercial property prices, which fell "at an annual pace of decline not seen since late 2010 after the Global Financial Crisis," according to an MSCI report. "The RCA CPPI National All-Property index dropped 4.8% from a year ago and 2.7% from December. The monthly decrease represents an annualized decline of 27.9%."

There was only one property type index that saw positive annual growth in January: industrial, which was up 6.4% over the previous year. But month over month it was down 0.3%, which when annualized would be -3.2%.

Multifamily prices "tumbled" to the biggest percentage loss of any: 2.8% down from December and 4.6% off from the previous year. Retail fell by a relatively modest 0.9% from December and 0.1% from January 2022.

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