Industrial, which has been the hottest sector through the pandemic, posted 8.3% annual growth, giving it the top spot among all the property types. Industrial prices are slightly below what it posted in 2019.

Gains in multifamily stayed near the 7% they have been hovering near over the last several months, hitting 6.8% in January. They are well below the highs posted in 2018.

The struggling retail sector again saw price growth fall 1.8% year over year. Retail trailed the other sectors before the pandemic, posted less than 5% growth. 

Overall, US commercial real estate transaction volume was down 58% in January, according to RCA. In December, transaction volumes increased 8% year-over-year. January experienced similar declines to the second and third quarters of 2020, which directly followed the onset of the pandemic.

Transaction volumes in January fell across property types at double-digit rates, except for senior housing. This was a pivot from December transactions when apartment and industrial sales took off, driving most activity. Even office properties had a good month with the highest transaction volumes since 2019. It should be noted that it is typical to see an end-of-year rush and RCA adds that the activity was likely compounded by investors closing delayed deals from earlier in the year.