Commercial Property Price Index®

March 6, 2025

Property Pricing On Hold

Newport Beach, CA, March 6, 2025 — The Green Street Commercial Property Price Index® was unchanged in February. Over the past twelve months, the all-property index has increased 4.5%.

“Property pricing hasn’t changed much recently,” said Peter Rothemund, Co-Head of Strategic Research at Green Street. “And we don’t see much changing over the near term. Though interest rates have been falling—and that usually provides a boost to property values—they’ve been going down for the wrong reasons.”

Learn more about the changes to our Commercial Property Price Index®

How is our index different than others that track commercial property prices?

Timeliness

Green Street's Commercial Property Price Index® is a time series of unleveraged U.S. commercial property values that captures the prices at which commercial real estate transactions are currently being negotiated and contracted. Features that differentiate this index are its timeliness, its emphasis on high-quality properties, and its ability to capture changes in the aggregate value of the commercial property sector. Learn more.

Green Street Commercial Property Price Index®

Indexed to 100 in August 2007

All Property CPPI® weights: retail (20%), apartment (15%), health care (15%), industrial (12.5%), office (12.5%), lodging (7.5%), data center (5%), net lease (5%), self-storage (5%), and manufactured home park (2.5%). Retail is mall (50%) and strip retail (50%).
Core Sector CPPI® weights: apartment (25%), industrial (25%), office (25%), and retail (25%).
View Pan-European CPPI

Change in Commercial Property Values

Amount property values have increased over this period

March 6, 2025



What makes our Commercial Property Price Index® unique?

There are significant differences between the Green Street CPPI® and other indices that track commercial property prices. Green Street’s CPPI® is based on frequently updated estimates of price appreciation of the property portfolios owned by the REITs in its coverage universe. Other indices are based on closed transactions or formal appraisals and reflect market prices from several months earlier.

Institutional Quality

Institutional Quality

The index is based on Green Street's frequently updated estimates of price appreciation of the property portfolios owned by the REITs in its U.S. coverage universe. Since REITs own high-quality properties, the index measures the value of institutional-quality commercial real estate.

Timely

Timely

Our index reflects changes in commercial property values as soon as we hear about them. That's one of the benefits of Green Street’s CPPI®; we don’t have to wait for deals to close. The index is published monthly and released within days of month-end, whereas other indices have a sizeable lag.

Value-Weighted

Value-Weighted

We place more weight on high-quality properties, e.g. a New York skyscraper has a much greater impact than a suburban strip mall. Because our CPPI® is value-weighted, it measures what’s happening to real estate prices in aggregate, similar to the Wilshire 5000 that measures what’s happening to the stock market in aggregate. Most property indices are equally-weighted.