CoStar Group headquarters in Washington, DC. (Photo: CoStar)
WASHINGTON, DC—Pre-recession highs in commercial real estate pricing had some shade thrown on them in September, CoStar Group said Friday. The equal-weighted US Composite Index, one of the two national composite CoStar Commercial Repeat Sale Indices reflecting 1,222 repeat sales, moved 0.8% above its previous August 2007 peak in September, marking the first time this index has surpassed that high watermark. Meanwhile, the value-weighted US Composite Index is now 26.4% above its peak from the previous cycle.
Both of the CCRSI national composite indices rose 2.9% in the third quarter, according to CoStar. Furthermore, all four property sectors tracked by CoStar saw pricing gains in Q3. However, deal volume has continued to taper off, with the $90.7 billion of repeat sales in the first three quarters of 2016 representing a 1.5% decline from the year-ago period.
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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.
