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.
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