CoStar News
Summary:
U.S. commercial real estate sales prices have experienced a significant decline as the number of transactions hit near-pandemic lows, according to a CoStar Group analysis for November. The findings indicate that November’s transaction volume was the second-lowest since the depths of the pandemic lockdowns, with a 38.6% drop in sales, amounting to a $3.6 billion reduction from the prior month. The value-weighted U.S. Composite Index, reflecting larger property sales common in major cities, fell by 1.1% in November, marking the third consecutive monthly decline. Investment-grade property fundamentals have worsened in the past 12 months, with a negative contribution and a notable increase in the completion of new space.