Green Street's latest commercial property outlook, by Co-Head of Strategic Research Peter Rothemund and Analyst Alex Boyle, noted that property prices are now down by 15% from their heights in March 2022. Also, that further declines aren't over.

The one warm note is cold storage, and it's probably more accurate to call that lukewarm as it has been flat since March 2022. From there on, everything is down. For some property types it's a slight dip: gaming (-2%), lodging (-3%), tower (-7%), single-family rental (-9%), and industrial (-10%). The biggest five losers are ground lease (-29%), office (-27%), apartment (-21%), mall (-18%), and net lease (-16%). In the middle are self-storage (-14%), healthcare (-13%), data center (-13%), manufactured home (-12%), and life science (-11%).

Something to remember is that these changes are off unusually high values, so whether to be seen as a pure loss or a return to more historically realistic levels isn't clear.