MSCI Real Asset's global index of commercial real estate prices ticked down in the fourth quarter, the first quarterly decline in the index of office, industrial and retail properties since late 2009.
According to a report released last week by MSCI, global CRE prices dipped 0.5% in Q4 2022 compared to Q3—the first quarterly decline in 13 years. MSCI's report analyzes 18 global metros in North America, Asia, Australia and Europe.
For all of 2022, MSCI reported that the metro where prices took the biggest hit last year was San Jose, which saw a decline of 7.5%, as the heart of Silicon Valley registered one of the nation's lowest office-utilization rates throughout the year.
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