Predictably, commercial real estate prices decreased last year, although the price changes were not uniform across property types. Industrial and manufactured home park values increased about 10% in 2020, while pricing of hardest-hit sectors fell 15 to 25%, according to Green Street. And, the Green Street Commercial Property Price Index was unchanged in December.

While all property values were down last year by 8%, this was not the drastic ending that many feared, according to Peter Rothemund, managing director at Green Street. This was due to many factors, some expected and some not-so-predicted.

"Property pricing ended the year down almost 10% on average, but that's a better outcome than many expected earlier in the year," said Rothemund. "A quicker-than-expected return of economic activity and remarkable success on the vaccine front played important roles, but the largest support for pricing has come from even lower interest rates. With rates so low across the board, Treasuries, investment grade, high yield, it is easy to see real estate prices increase from here."