IRVINE, CA—A 0.1% contraction marked the seventh consecutive month of declines in commercial property pricing, Ten-X Commercial said Thursday. The firm's latest Commercial Real Estate Nowcast is now up just 1.5% from a year ago.

“The US presidential election is a year behind us, but the events of intervening months have done nothing to alleviate investors' wariness,” says Peter Muoio, chief economist with Ten-X. “Instead, the Ten-X CRE Nowcast's annual growth rate continues to reach new lows. Pessimism about fundamentals, a policy environment in a constant state of flux and impending interest rate hikes are all adversely affecting commercial real estate and the market's outlook at this stage is wary.”

That wariness was reflected in November pricing performance across all major sectors aside from retail, which not only led the way by actually posting monthly gains but also in terms of year-over-year increases. Pricing for retail properties grew 0.6% from October, representing the sixth consecutive monthly uptick in values for the sector. That translates into annual pricing growth of 5.8%, a better Y-O-Y result than any other major property type posted for November. Ten-X notes that this growth is surprising given the retail sector's weakening fundamentals.