NEWPORT BEACH, CA—Property values in Orange County and across the nation have continued to move upward, but the pace of appreciation has slowed since last summer when a sharp increase in interest rates cooled the long-running rally in property pricing, said Green Street Advisors.

“Cap rates haven't changed since last summer, but higher property income means values have been slowly moving higher” said Peter Rothemund, an analyst at the firm. “That pattern probably continues for a while.”

Green Street's Commercial Property Price Index is a time series of unleveraged US commercial property values that captures the prices at which commercial real estate transactions are currently being negotiated and contracted. Features that differentiate the 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, the company says.