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Commercial Property Prices Rebound Strongly, Led by Hotels

Commercial real estate prices powered higher in the third quarter, led by strong growth in the hospitality sector, as properties hurt by COVID-19 in 2020 rebound, according to the latest monthly CoStar Commercial Repeat-Sale Indices.

CoStar’s repeat-sales indices are broken into two segments, value-weighted that reflects big sales often found in the largest markets and equal-weighted that is made up of the more numerous but lower-priced sales in smaller areas. Both indices reached new highs in September. When it comes to regions, the U.S. South was the strongest, followed by the West.

Big-ticket property sale prices rose 6.1% in the third quarter, compared to a 3.8% gain in the second quarter. The value-weighted index jumped 14.2% in the 12 months that ended in September and is 10.4% higher than its last level before the pandemic hit. 

The lower-priced property sales index ticked up 3.8% in third quarter, compared to a second-quarter gain of 4.6%. The equal-weighted index increased 13.7% in the 12-month period and is now 14.9% above its last level before the pandemic.

*Article Courtesy of Costar

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