Newport Beach, CA, August 6, 2025 — The Green Street Commercial Property Price Index® decreased 0.1% in July. Over the past twelve months, the all-property index has increased 3.2%.

“High interest rates and economic uncertainty—it’s been one or the other this year, and often both—have kept a lid on property pricing,” said Peter Rothemund, Co-Head of Strategic Research at Green Street.

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Newport Beach, CA, July 7, 2025 — The Green Street Commercial Property Price Index® was unchanged in June. Over the past twelve months, the all-property index has increased 3.4%.

“Property pricing hasn’t changed much this year,” said Peter Rothemund, Co-Head of Strategic Research at Green Street. “Interest rates remain elevated, and that’s kept pricing in check.”

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The Green Street Commercial Property Price Index, which measures pricing of a broad swathe of European commercial properties, trended higher in the first half of ’25, despite the uninterrupted noise on the macro front. Industrial, residential, and data centre assets keep outperforming, climbing more than one percent, thanks to gradual income growth. With rates stable, the residential sector has seen some yield compression in select geographies. Retail and hotel pricing has been largely stable, with the former’s sequential price discovery improving during 1H while the latter is benefitting from continued healthy fundamentals. Meanwhile, self-storage pricing retreated ~200 bps, mostly dragged down by the U.K.’s underperformance. Office pricing signals have been mixed, albeit there are tentative signs of approaching the trough.

“Property prices have held steady year-to-date, defying continued noise and uncertainty on the macro front.” said Marie Dormeuil, Senior Analyst at Green Street. “Recent positive signals from the public REIT equity market and tightening spreads on investment-grade unsecured debt signals modest upside momentum to near-term pricing changes. Whether this manifests in bidding tents after the summer remains to be seen, albeit a growing number of transactions crossing the finish line in select geographies during the past six weeks across all sectors is a clear positive.”

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Newport Beach, CA, June 5, 2025 — The Green Street Commercial Property Price Index® increased 0.6% in May. Over the past twelve months, the all-property index has increased 4.1%.

“Despite the volatility over the past couple of months, the bid for commercial properties has remained firm,” said Peter Rothemund, Co-Head of Strategic Research at Green Street. “Pricing is essentially unchanged this year. And unless Treasury yields continue to come in, it’s unlikely we’ll see much price appreciation this year.”

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Newport Beach, CA, May 6, 2025 — The Green Street Commercial Property Price Index® decreased 0.5% in April. Over the past twelve months, the all-property index has increased 4.3%.

“It’s too early to say how much the events of the past month are impacting property prices,” said Peter Rothemund, Co-Head of Strategic Research at Green Street. “But the outlook for property pricing is better than it was a few weeks ago. The stock market has rebounded, and Treasury yields have come in a little from their mid-April highs.”

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Newport Beach, CA, April 4, 2025 — The Green Street Commercial Property Price Index® increased 0.3% in March. Over the past twelve months, the all-property index has increased 4.9%.

“Property pricing has been stable this year, but the sell-off in the stock market is ominous,” said Peter Rothemund, Co-Head of Strategic Research at Green Street. “Real estate values aren’t going up over the near term, but it’s unclear how much they may decline. A weak economy is a negative but falling Treasury yields help pricing.”

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The Green Street Commercial Property Price Index, which measures pricing of a broad swathe of Pan-European commercial properties, was stable in the first quarter of ’25, leaving overall pricing in-line with its pre-GFC peak. Industrial, residential, and data centre assets outperformed, climbing c.1% QoQ thanks to gradual income expansion and stable yields. Meanwhile, office pricing retreated ~60 bps as negative embedded rent growth in B/B+ properties dragged cash flow lower. Retail and hotel pricing was largely stable, with the former’s pricing benefitting from re-based rents and the latter enjoying healthy – albeit decelerating – rental rate growth.

“Property prices have held steady year-to-date, but such a sense of stability is now up in the air following the unveiling of the U.S.’s Liberation Day policies.” said Marie Dormeuil, Senior Analyst at Green Street. “In the past few days, investors have been spooked by much higher tariff announcements than what was anticipated, and real estate equities have sold off somewhat, albeit they are outperforming other industries due to property’s relatively defensive nature. Property prices are unlikely to move much higher in the near term as the outlook for operating fundamentals has deteriorated given the real-time rising odds of a global recession. Yet, macro fears are simultaneously pushing inflation-adjusted “risk-free” yields lower, providing an important ballast for property cap rates even if we see our income growth forecasts needing to be revised lower in the months ahead.”

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Newport Beach, CA, March 6, 2025 — The Green Street Commercial Property Price Index® was unchanged in February. Over the past twelve months, the all-property index has increased 4.5%.

“Property pricing hasn’t changed much recently,” said Peter Rothemund, Co-Head of Strategic Research at Green Street. “And we don’t see much changing over the near term. Though interest rates have been falling—and that usually provides a boost to property values—they’ve been going down for the wrong reasons.”

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Newport Beach, CA, February 6, 2025 — The Green Street Commercial Property Price Index® was essentially unchanged in January. Over the past twelve months, the all-property index has increased 4.5%.

“Property prices were unchanged for a second month,” said Peter Rothemund, Co-Head of Strategic Research at Green Street. “Looking forward, we don’t expect much to change. Real estate is priced fairly, so unless interest rates head lower, cap rates are unlikely to change.”

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Newport Beach, CA, January 7, 2025 — The Green Street Commercial Property Price Index® was unchanged in December. The all-property index increased 4.8% last year.

“Property prices increased about 5% last year,” said Peter Rothemund, Co-Head of Strategic Research at Green Street. “The outlook for this year is not as bright. The run-up in Treasury yields over the past few months is likely to cause property prices to stagnate.”

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