NEWPORT BEACH, CA—Property pricing this year has seen comparatively little movement whether the time frame is near-term or longer-term, judging by Green Street Advisors'' Commercial Property Price Index. The composite index of the five major property sectors, increased by less than 1% in November, Green Street said Thursday. In fact, it has barely moved over the past 18 months.

That isn't to say that values aren't high, merely that they haven't changed appreciably over the past six quarters, especially when compared to the significant upward curve seen in the two years following the current cycle's late-2008 trough. Pricing overall is now more than 25% higher than the prior peak seen in 2007. On a trailing three-month basis, though, pricing is down about 1%, and likewise on a trailing 12-month basis,

“In aggregate, property pricing has been flat this year, but it really depends on the type of property,” says Peter Rothemund, senior analyst at Green Street. “Industrial, manufactured home parks, life science and medical office have all gained 10% or more over the past year, while mall values are down that much. Everything else falls somewhere in between.”