IRVINE, CA—The Ten-X Commercial Real Estate Nowcast has now made it nine for nine, with the monthly pricing index—based on Google Trends and Ten-X's own data—reflecting a further contraction in January and continuing an unbroken streak that began last May. Only office registered positive movement in values for the month, and overall CRE pricing is up just 1% from a year ago.
“The further declines in January demonstrate that commercial real estate investors continue to be wary,” says Peter Muoio, chief economist with Ten-X. “With pricing gains across all segments remaining at just 1% in 2017, we'll be looking to see if recent tax cuts and strong economic fundamentals bring CRE pricing back up to positive gains throughout 2018.”
He notes that the 0.3% decline in the CRE Nowcast comes at a time when investors could be expected to be upbeat. “Despite continued positive economic news including a surging stock market, solid economic growth and a new tax law that should benefit CRE, investor sentiment continues to be weak,” Muoio says.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
