RCA CPPI US

TM

Commercial Property Price Indices

January 2022 1.6% Change past month 20.3% Change past year

National All-Property Index

T
190
he RCA CPPI National All-Property
Index climbed 20.3% in January
from a year earlier, extending a rally
170
of accelerating double-digit price growth.
The index rose 1.6% from December.

150 The price index for industrial properties

rose a record 28.1% from a year ago, the
fastest annual rate among the major
130 property sectors.

Apartment sector prices posted annual

110 gains of 22.5%, the ninth consecutive
month of double-digit price growth and
the highest rate for this sector in RCA
90 history. Apartment property prices in
January were 136% higher than the peak
set ahead of the Global Financial Crisis,
70 far outpacing industrial, the next highest
sector index.
Dec ‘06 = 100
50 The retail index posted a 20.4% annual
YOY Change
increase in January. This index has
30% registered a double-digit pace of price
growth since August. Like the industrial
20%
and apartment sectors, retail prices are
10% growing at a record pace.

0% The office index increased 11.8% YOY in

January, a fourth consecutive month of
-10%
ebbing annual price growth. CBD office
-20% prices grew at a pace below the general
rate of inflation in January. The RCA
-30%
'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 CPPI for CBD office assets was up 5.0%
in January from a year earlier while the
consumer price index was up 7.5%.
Change in RCA CPPI January 2022
The spread between suburban office and
1-mth 3-mth 1-yr 3-yr 5-yr 10-yr CBD office prices has narrowed since
Office 0.4% 1.6% 11.8% 21.1% 32.3% 89.8% its peak in Q3’20. Suburban office price
Office - CBD 0.3% 1.4% 5.0% 8.5% 18.2% 86.1% growth eased again in January, posting
Office - Sub 0.4% 1.1% 11.5% 21.9% 32.8% 90.5% an 11.5% annual increase.
Industrial 2.4% 7.9% 28.1% 55.0% 80.6% 161.1%
Prices in the 6 Major Metros accelerated
Retail 1.9% 6.0% 20.4% 21.1% 24.5% 67.0%
to a 14.6% YOY rate of growth, a far cry
Commercial 1.6% 5.4% 18.3% 31.1% 43.2% 101.2%
from the 3.2% gain seen in January of
Apartment 1.9% 6.2% 22.5% 45.7% 75.4% 188.5%
2021. Still, prices in the Non-Major Metros
All Types 1.6% 6.0% 20.3% 37.6% 56.3% 132.5%
outpaced the 6 Major Metros, rising 21.9%
6 Major Metros All Types 0.9% 3.0% 14.6% 25.4% 40.4% 114.0% from a year ago.
Non-Major Metros All Types 1.9% 6.9% 21.9% 41.3% 61.6% 140.8%

© 2022 MSCI Inc. All rights reserved. Data believed to be accurate but not guaranteed or warranted; subject to future revision.
1
 January 2021

National Property Types

Notes & Definitions
The RCA CPPI is based on repeat-sales (RS) transactions that
APT RET IND occurred at any time up through the month of the current report.
OFF - CBD APT OFF - SUB RET IND
OFF - CBD OFF - SUB
This CPPI report published February 2022 provides price indices
0
250 through January 2022. These indices are estimated using
transaction data collected through the month of February 2022
0 to the date of production. Because CPPI allows for backward
225
revisions and incorporates any new data we receive subsequent to
0 publishing, full history (from inception to current month) of future
200
indices will reflect adjustments due to additional transaction data.

0 175 The 6 Major Metros (6MM) are Boston, Chicago, Los Angeles, New
York, San Francisco and Washington DC. Non-Major Metros (NMM)
150 refers to all secondary and tertiary markets.
0
All indices are benchmarked to 100 at December 2006 and the time
125
0
series extends to January 2001.

100
0
75 About the RCA CPPI TM

0 The RCA CPPI (Commercial Property Price Indices) are a suite of price
'07 '0850 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18
'07 '09 '11 '13 '15 '17 '19 '21 indices developed and published by Real Capital Analytics. They are
transaction-based and accurately measure commercial real estate
price movements using repeat-sales regression methodology. There
are currently over 350 indices which provide direct comparability
across markets and property types in 15 countries.
Major Metros vs Non-Major Metros
An RCA price indicator is a custom index generated using the
6MM All Types NMM All Types same process as the RCA CPPI, but is not part of the official
250
suite of indices.

The RCA CPPI Global Cities report is published quarterly and the
225 RCA CPPI US report monthly.

To learn more about the RCA CPPI and to sign up for reports visit:
200
rcanalytics.com/rca_cppi/

175

150 About Real Capital Analytics

Real Capital Analytics, Inc. (RCA) is is the authority on the deals,
125
the players and the trends that drive the commercial real estate
investment markets. Covering all markets globally, RCA delivers timely
100
and reliable data with unique insight into market participants, pricing
and capital flows. The most active investors, lenders and advisors
75
depend on RCA’s market intelligence to formulate strategy and to
source, underwrite and execute deals. An industry pioneer since
50 2000, RCA has offices in New York, San Jose, London, Singapore and
08 '09 '10
'07 '11 '09 '12 '13
'11 '14 '13'15 '16'15 '17 '17'18 '19 '21
Sydney. RCA is owned by MSCI, a leading provider of critical decision
support tools and services for the global investment community. For
Published Feb. 24, 2022 more information, visit: www.rcanalytics.com

Copyright © 2022 MSCI Inc. (MSCI). All rights reserved. This report contains information (the “Information”) sourced from MSCI, its affiliates or information providers (the “MSCI Parties”) and may have been used to calculate scores, ratings or other
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