Commercial Real EstateTrends & OutlookApril 2020National Association of REALTORS® Research Group

The Commercial Real Estate Trends & Outlook Report discusses trends in the small commercial market (transactions that are typically less than $2.5 million) based on a survey of members of the National Association of Realtors® engaged in commercial real estate about their transactions in the first quarter of 2020 and the latest publicly available data.

Current conditions. This latest report shows the very early impact of the coronavirus pandemic on commercial real estate. On average, respondents reported a 1% decline in their commercial sales volume during the first quarter of 2020 compared to transactions in the same period last year. On average, respondents reported a 2% decline in the dollar volume of new leases compared to the level one year ago.

Across the multifamily, industrial, office, retail, and hotel sectors, a lower fraction of respondents reported higher sales transactions and new lease volume on an annual basis in the first quarter of 2020 compared to the fraction of respondents who reported an increase in sales and leasing activity in the prior quarter.

Respondents reported that commercial prices rose at a slower pace of 1% from one year ago. Other price indicators show prices are softening. The Green Street Property Price Index which is compiled from high quality properties in REITs portfolios fell slightly by less than half a percent in 2020 Q1 from the prior quarter.

Respondents reported higher vacancy rates for office, 10.5%; retail, 10.1%; and multifamily, 5%. Vacancy rates in industrial properties were flat at 5%.

A lower fraction of respondents reported an improvement in access to financing: 57% reported an improvement in debt financing conditions compared to one year ago, and 53% reported an improvement in equity financing conditions.

Economic outlook. We expect the second quarter GDP growth to be the steepest decline in the U.S. history – likely in excess of 15% contraction on an annualized basis. What will be critical is the recovery in the second half of the year. Is it going to be sharp and quick rebound of a V-shaped or a sluggish recovery of staying low for a period before a recovery of a U-shaped? That will depend on the economy’s response to the stimulus measures and the path of virus containment. The best guess is for the second half GDP growth to be insufficient to compensate for the loss in the second quarter. Therefore, we expect GDP to have contracted around 3% to 5% for the year as a whole and net job losses totaling around 3 to 5 million.

COMMERCIAL REAL ESTATE TRENDS & OUTLOOKApril 2020 Report

1 | Economic Conditions.……………………………………………………………………………………………..

2 |Commercial Sales……………………………………………………………………………………………………..

3 | Commercial Leasing ………………………………………….………………………………………………….

4 | Commercial Construction …………………………………………………………………………………..

5 | Commercial Outlook……………………………………………………………………………………………..

6 |Business Trends…..……………………………………………………………………………………………….….

7 | About the Survey……………………….…………………………………………………………………………

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8

10

11

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COMMERCIAL REAL ESTATE TRENDS & OUTLOOKApril 2020 Report

1 | ECONOMIC CONDITIONS

Fewer Jobs, Declining Wages in March 2020

In March 2020, 701,000 non-farm employment jobs were lost in all industries (2-digit level) except in the utilities, wholesale trade, information, and the government sectors. Sixty-five percent of the job losses were in leisure and hospitality (-459,000). Professional and business services lost 52,000 jobs, and retail trade shed 46,200 jobs.

In March, the number of unemployed surged to 7.14 million, from 5.79 million in February. Since the weeks of March 21 through April 4, 15.1 million people have already filed for unemployment insurance benefits.

The average weekly wage (seasonally adjusted) has started to decline, to $978.8 in March 2020 from $980.7 in February 2020.

In an effort to bolster economic activity, the Federal Open Market Committee reduced the federal funds rate to 0% on March 15 and announced an open-ended commitment to purchase mortgage-backed securities and investment-grade corporate debt to keep credit flowing. Under an accommodating monetary policy, the 10-year T-note has declined to 0.87% in March 2020. On April 9, the Federal Reserve Board released a statement that it will provide $2.3 trillion in loans to support the flow of credit to households, businesses, and the state and local governments.

NATIONAL ASSOCIATION of REALTORS® | RESEARCH GROUP | www.nar.realtor/research-and-statistics 4

1220.90.8

-1-4.9

-7-18-24-29

-46.2-52

-76-459

GovernmentInformationWholesale TradeUtilitiesFinancial ActivitiesTransportation and WarehousingMining and Logging EmploymentManufacturingOther ServicesConstructionRetail TradeProfessional and Business ServicesEducation and HealthLeisure and Hospitality

Nonfarm Payroll Jobs Lost in March 2020

Source: BLS

5.79

7.14

0.0

5.0

10.0

15.0

20.0

2006

-Jan

2006

-Oct

2007

-Jul

2008

-Apr

2009

-Jan

2009

-Oct

2010

-Jul

2011

-Apr

2012

-Jan

2012

-Oct

2013

-Jul

2014

-Apr

2015

-Jan

2015

-Oct

2016

-Jul

2017

-Apr

2018

-Jan

2018

-Oct

2019

-Jul

Number of Unemployed as of March 2020 (in millions)

$980.7$978.8

$880.0

$900.0

$920.0

$940.0

$960.0

$980.0

$1,000.0

Jan/

2018

Mar

/201

8M

ay/2

018

Jul/2

018

Sep/

2018

Nov

/201

8Ja

n/20

19M

ar/2

019

May

/201

9Ju

l/201

9Se

p/20

19N

ov/2

019

Jan/

2020

Mar

/202

0Average Weekly Wages,

Seasonally Adjusted

0.87

0.000.501.001.502.002.503.003.50

Jan/

2018

Mar

/201

8

May

/201

8

Jul/2

018

Sep/

2018

Nov

/201

8

Jan/

2019

Mar

/201

9

May

/201

9

Jul/2

019

Sep/

2019

Nov

/201

9

Jan/

2020

Mar

/202

0

10-Year Treasury Note Yield at Constant Maturity

Commercial Sales Declined 1% in 2020 Q1

Sales volume fell on average by 1% among commercial members of the National Association of REALTORS® who responded to NAR’s 2020 Q1 Commercial Real Estate Quarterly Market Survey. NAR commercial members’ transactions are typically below $2.5 million (small commercia market). Real Capital Analytics also reported that during January—February 2020, sales transactions volume fell by 35%. RCA tracks transactions of at least $2.5 million (middle to large commercial market).

Not all respondents reported a decline, as 42% of respondents reported increase in sales compared to one year ago. However, this share is lower than the 61% share in 2019 Q4. A higher fraction of respondents, 18%, reported a sales decline of at least 20%, compared to 7% in the prior quarter.

Across all property types, a lower fraction of respondents reported an annual gain in sales volume in 2020 Q1 compared to the fraction of respondents who reported an annual increase in 2019 Q4. For example, in the apartment class B/C properties, 35% reported higher sales from one year ago compared (44% in the prior quarter). In the office class A market, only 15% of respondents reported an increase in sales volume (22% in the prior quarter). In the retail mall class A, only 6% reported an increase (12% in the prior quarter).

5NATIONAL ASSOCIATION of REALTORS® | RESEARCH GROUP | www.nar.realtor/research-and-statistics

2 | COMMERCIAL SALES

-1%

-35%-40%

-20%

0%

20%

40%

2012

2013

2014

2015

2016

2017

2018

2019

2020

.Q1

Quarterly Sales Volume(Y/Y % Chg)

REALTOR® CRE Markets$2.5+M Market

Sources: National Association of REALTORS®, Real Capital Analytics

0%5%

10%15%20%25%

Distribution of Y/Y Sales Change

2019.Q4 2020.Q1

15%22% 25%

32%

20%26%

12%17%

6% 7%

33% 35%

12% 14%

0%10%20%30%40%50%

Percent of Respondents Who Reported a Y/Y Increase in Dollar Sales Volume

2019 Q4 2020 Q1

Commercial Prices Rose 1% in 2020 Q1

While dollar sales volume fell, commercial prices rose 1% in markets where commercial members of the National Association of REALTORS® are engaged in. These markets are typically below $2.5 million (small commercial market).

Among respondents, 56% reported an increase in commercial sales prices in their markets (75% in the prior quarter), while 25% reported a decline (16% in the prior quarter). Only 5% reported a decline in prices of at least 20% (1% in the prior quarter).

The Green Street Commercial Price Index, which is an indicator for high-quality properties held by REITs indicates commercial property prices are declining, although not collapsing. The index declined by 0.3% in 2020 Q1 compared to the prior quarter.

Real Capital Analytics also reported that during January-February 2020, commercial prices rose on average by nearly 7%. The coronavirus pandemic escalated in March 2020 so the strong price growth does not capture the impact of the pandemic. RCA tracks transactions of at least $2.5 million (middle to large commercial market).

6NATIONAL ASSOCIATION of REALTORS® | RESEARCH GROUP | www.nar.realtor/research-and-statistics

2 | COMMERCIAL SALES

0.8%

6.6%

-25%-20%-15%-10%

-5%0%5%

10%15%

Y/Y Change in Commercial Sales Prices

REALTOR® CRE Markets $2.5M+ Market

0%5%

10%15%20%25%30%

Distribution of Y/Y Commercial Price Change

2019.Q4 2020.Q1

124.00

126.00

128.00

130.00

132.00

134.00

136.00

Q1/

2017

Q2/

2017

Q3/

2017

Q4/

2017

Q1/

2018

Q2/

2018

Q3/

2018

Q4/

2018

Q1/

2019

Q2/

2019

Q3/

2019

Q4/

2019

Q1/

2020

Green Street Commercial Property Price Index (August 2007=100)

Cap Rates Trended Down to 6.5%

Cap rates for transactions in the first quarter of 2020 reported by NAR commercial member average 6.5%. The average cap rate in the large commercial market ($2.5 million or more transactions) reported by Real Capital Analytics was 6.7%.

In the small commercial real estate market, Apartment Class A properties had the lowest cap rate, with a median of 5.4% among respondents. Apartment Class B/C cap rates were typically one percentage point higher, at 6.5%. Cap rates for office class B/C, industrial flex, free-standing retail, and senior housing were typically around 7%.

In the $2.5M or more market tracked by Real Capital Analytics, apartment and office-CBD properties had the lowest average cap rates of 5.4% based on January—February 2020 transactions. Hotel had the highest cap rate at nearly 9%. The lower cap rate for office-CBD properties indicates investor preference for the CBD market relative to the office-suburban market where cap rates were around one percentage points higher.

7NATIONAL ASSOCIATION of REALTORS® | RESEARCH GROUP | www.nar.realtor/research-and-statistics

2 | COMMERCIAL SALES

5.0%7.0%9.0%

11.0%20

10

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Q1

REALTORS® Commercial Capitalization Rates

Office Industrial

Retail Multifamily

Hotel All commercial

6.5%

4.0%5.0%6.0%7.0%8.0%9.0%

10.0%

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

.Q1

2019

.Q2

2019

.Q3

2019

.Q4

2020

.Q1

Cap Rates in REALTORS® Market and $2.5+M Transactions

REALTOR® CRE Markets$2.5+M Market

Sources: NAR, Real Capital

5.4% 6.3%6.6% 6.6%

5.4%6.8%

8.6%6.9%

Cap Rates in February 2020 for $2.5+ Million Properties

Source: Real Capital Analytics

Apartment: Class A 5.4Apartment: Class B/C 6.5Industrial: Warehouse 6.5Industrial: Flex 7.0Office: Class A 6.5Office: Class B/C 7.0Retail: Strip Center 6.5Retail: Mall 6.0Retail: Free standing 7.0Hotel/Hospitality 6.5Student housing 6.0Senior housing 7.0Source: 2020 Q1 NAR CRE Market Survey

For $2.5 million or less properties

Cap Rates in 2020 Q1

NOTES

1. Download the latest RCA USCT, CPPI data https://app.rcanalytics.com/#/trends/reports

2. Save the data in H:\COMMERCIAL\CRE DATA Proprietary\RCA

3. Copy the latest RCA US Capital Trends and CPI data into the quarterly or monthly sheet.

RCA_USCT_Q_UpdateMe

Based on independent reports of properties and portfolios $2.5 million and greater. Data believed to be accurate but not guaranteed.

All data and statistics are the sole intellectual property of Real Capital Analytics, Inc. and no sale, transfer, sub-license, distribution or commercial exploitation of the data is permitted without the express permission of RCA.

© Real Capital Analytics, Inc. 2019. For more current deals, cap rates and property details visit http://rcanalytics.com

Quarterly Volume & Pricing Trends

*Office, industrial, retail, apartment, hotel, seniors housing & care, and dev sites

00Q2

00Q3

00Q4USANATAPTUSANATINDUSANATRETUSANATOFFUSANATCBDUSANATSUBUSANATHOTUSANATALLUSANATCOM

YrQtrVolumeYOY ChgApartmentIndustrialRetailOfficeOffice - CBDOffice - SubHotelSeniors Housing & CareApartmentIndustrialRetailOfficeOffice - CBDOffice - SubHotelALLALL CommercialIndividualPortfolioEntity

'0101Q1$ 21,113,447,0948.4%8.6%8.6%8.6%8.5%8.6%64.67069.26561.99969.85864.92970.96762.11666.79868.09301Q1$ 16,578,016,479$ 4,535,430,615$ - 0

01Q2$ 28,715,477,5838.3%8.7%8.7%8.8%8.2%8.9%65.59469.83562.77569.12164.58170.28562.23466.94767.89101Q2$ 18,366,233,997$ 3,076,883,586$ 7,272,360,000

01Q3$ 21,025,251,4208.7%8.8%8.9%9.3%9.0%9.4%65.83570.41763.02367.52163.75068.75062.93966.58467.15401Q3$ 16,785,500,420$ 3,812,750,999$ 427,000,000

01Q4$ 24,877,660,7778.6%9.1%8.9%9.1%8.6%9.2%66.07269.94962.89466.66963.38168.25063.62166.13966.27601Q4$ 18,389,334,959$ 6,488,325,818$ - 0

'0202Q1$ 21,447,197,1332%8.3%9.2%9.1%9.2%9.1%9.3%66.54268.49662.91567.08864.39068.67963.94465.97065.82402Q1$ 15,071,048,435$ 5,299,153,612$ 1,076,995,087

02Q2$ 25,410,042,401-12%8.3%9.2%8.7%8.8%8.4%8.9%67.53868.01563.55067.81164.66169.38263.75266.49866.11602Q2$ 19,663,453,780$ 5,496,588,621$ 250,000,000

02Q3$ 29,414,133,39440%8.2%9.0%8.5%8.6%8.4%8.6%69.35668.25165.00868.43364.66069.85663.13867.78567.02802Q3$ 23,063,173,214$ 5,261,034,381$ 1,089,925,799

02Q4$ 35,511,188,16043%7.9%8.8%8.3%8.6%8.5%8.7%71.09868.80866.88369.29865.33470.39162.36969.30368.34802Q4$ 27,906,821,821$ 7,604,366,339$ - 0

'0303Q1$ 28,900,941,70135%7.9%8.7%8.3%8.8%8.7%8.9%72.49970.12868.88070.42466.61771.26861.74170.78569.88303Q1$ 20,810,933,614$ 5,362,307,244$ 2,727,700,843

03Q2$ 29,998,355,48118%7.6%8.7%8.3%8.5%8.2%8.7%73.59270.83770.92971.34168.27172.13461.40271.95071.15103Q2$ 24,412,200,165$ 5,450,155,315$ 136,000,000

03Q3$ 34,885,036,04719%7.4%8.7%8.0%8.3%7.9%8.4%74.19071.18573.08572.19170.04972.79363.45972.99172.35103Q3$ 29,787,148,756$ 4,317,857,588$ 780,029,703

03Q4$ 47,784,342,23235%7.4%8.6%7.9%8.4%8.1%8.4%74.44171.40875.23973.03972.10173.22766.76373.97373.57703Q4$ 36,239,707,846$ 10,560,499,170$ 984,135,216

'0404Q1$ 42,398,682,73047%7.2%8.4%7.8%8.2%8.0%8.2%75.57472.05776.99974.58672.57275.03469.54975.24874.91604Q1$ 35,175,689,436$ 7,041,000,653$ 181,992,641

04Q2$ 54,170,229,96281%7.2%8.3%7.7%8.0%7.9%8.0%78.47174.84778.46476.88873.16677.80471.92877.65776.86104Q2$ 42,832,351,541$ 7,129,857,080$ 4,208,021,341

04Q3$ 62,230,058,96878%6.9%8.2%7.5%8.0%7.7%8.1%81.89977.95680.60779.35174.91680.59874.29380.50879.26904Q3$ 47,831,244,054$ 12,859,651,232$ 1,539,163,682

04Q4$ 89,247,586,01187%6.6%8.0%7.3%7.7%7.2%7.8%84.58179.65583.86381.74277.27382.98177.03983.09981.86504Q4$ 54,643,963,159$ 18,173,875,539$ 16,429,747,313

'0505Q1$ 74,416,798,11876%6.5%8.0%7.2%7.6%7.0%7.8%9.5%86.92982.16887.29383.50280.00484.66281.28385.52684.38205Q1$ 58,082,602,789$ 13,988,333,459$ 2,345,861,870

05Q2$ 91,892,657,63270%6.4%7.9%7.0%7.3%6.8%7.5%9.3%90.03685.23190.26186.00885.09586.25985.91188.47787.13905Q2$ 68,047,331,798$ 22,645,325,834$ 1,200,000,000

05Q3$ 105,453,963,55569%6.2%7.7%6.9%7.3%6.6%7.4%9.2%94.28187.64393.17689.60388.87389.65991.03592.10490.28105Q3$ 72,604,757,444$ 17,757,572,355$ 15,091,633,756

05Q4$ 106,207,692,37619%6.2%7.6%6.8%7.1%6.5%7.2%9.0%97.24089.74095.82393.31291.37294.10594.65694.85593.09305Q4$ 77,004,504,040$ 26,716,588,524$ 2,486,599,812

'0606Q1$ 98,758,252,97733%6.3%7.4%6.8%7.0%6.8%7.1%8.9%98.13293.36698.09495.92594.44496.52895.37096.65695.66306Q1$ 69,910,232,756$ 18,636,132,556$ 10,211,887,666

06Q2$ 104,153,889,77813%6.4%7.2%6.7%6.9%6.5%7.0%8.9%97.80296.80099.52098.06697.32198.05595.85397.96197.88506Q2$ 71,334,956,221$ 20,945,455,234$ 11,873,478,323

06Q3$ 100,058,898,543-5%6.2%7.1%6.7%6.9%6.1%7.1%8.9%98.06998.08399.99699.41198.59599.41897.42998.74299.07406Q3$ 75,891,535,174$ 14,794,452,756$ 9,372,910,613

06Q4$ 137,844,648,50430%6.2%7.1%6.7%6.7%6.1%6.8%8.9%100.000100.000100.000100.000100.000100.000100.000100.000100.00006Q4$ 86,055,582,653$ 29,858,488,101$ 21,930,577,750

'0707Q1$ 163,021,943,01965%6.3%7.0%6.6%6.6%6.0%6.7%9.0%7.8%101.490104.303101.075102.925103.626103.135105.433102.386102.71007Q1$ 73,733,908,147$ 22,376,168,892$ 66,911,865,980

07Q2$ 156,194,939,96950%6.3%6.9%6.5%6.5%5.8%6.7%8.9%7.5%102.562106.152103.403106.488107.582106.340110.533105.101105.65307Q2$ 80,833,373,062$ 52,580,794,678$ 22,780,772,228

07Q3$ 129,267,113,98829%6.3%6.9%6.5%6.6%5.6%6.9%8.9%7.7%101.776107.144104.235108.752110.642108.059111.651105.377107.00207Q3$ 75,685,588,457$ 36,621,403,386$ 16,960,122,145

07Q4$ 133,269,155,397-3%6.3%6.9%6.7%6.7%5.5%6.9%8.8%7.3%100.037104.932101.505107.663112.475106.038107.723102.781104.82207Q4$ 65,359,474,268$ 18,704,131,670$ 49,205,549,458

'0808Q1$ 62,726,214,083-62%6.3%6.9%6.8%7.1%6.6%7.2%8.8%8.3%98.570103.28597.559105.317110.023104.146103.984100.210101.87708Q1$ 44,344,034,399$ 14,292,727,654$ 4,089,452,031

08Q2$ 48,847,405,500-69%6.5%7.1%6.8%7.0%6.0%7.2%8.9%8.8%96.648100.67594.081100.888105.146100.044102.46397.29198.45908Q2$ 39,368,616,706$ 8,488,502,110$ 990,286,684

08Q3$ 43,066,707,736-67%6.4%7.4%6.9%7.1%6.6%7.3%8.9%8.9%93.71598.19190.11095.714100.91594.520101.50893.64594.51708Q3$ 33,478,378,426$ 9,393,329,310$ 195,000,000

08Q4$ 26,571,676,137-80%6.7%7.5%7.1%7.3%6.3%7.5%9.1%9.0%88.76793.66485.32391.37396.44390.025100.97788.75989.85508Q4$ 20,794,872,635$ 5,776,803,502$ - 0

'0909Q1$ 14,319,298,358-77%6.7%7.6%7.3%7.8%7.9%7.8%9.1%9.2%83.27187.07879.99886.11490.55684.81495.03882.96884.04709Q1$ 12,191,503,793$ 2,127,794,565$ - 0

09Q2$ 14,796,720,643-70%6.6%7.7%7.3%7.6%7.4%7.6%9.4%8.9%77.76281.30674.79479.93383.98678.98687.03677.27578.20909Q2$ 12,033,078,236$ 2,763,642,407$ - 0

09Q3$ 17,420,986,745-60%7.1%8.0%7.9%8.1%8.7%7.9%9.8%8.9%73.37978.02471.22373.76078.65872.93478.27872.81573.80309Q3$ 14,635,088,226$ 2,405,693,373$ 380,205,146

09Q4$ 25,482,077,653-4%6.9%8.2%7.9%8.7%7.9%8.8%9.8%9.3%71.12276.39969.39568.77575.54367.61871.72370.17870.98709Q4$ 18,521,885,920$ 6,435,318,994$ 524,872,738

'1010Q1$ 19,982,210,66440%6.8%8.3%8.2%8.4%8.4%8.4%9.1%9.2%70.37373.99767.99866.03273.81064.86367.82768.71169.04910Q1$ 15,287,313,948$ 4,694,896,716$ - 0

10Q2$ 29,247,113,12698%6.8%8.4%7.9%8.1%6.8%8.4%8.9%9.4%70.74173.02466.76465.45574.46163.75965.68868.33268.12110Q2$ 22,281,654,851$ 5,435,258,275$ 1,530,200,000

10Q3$ 40,792,032,822134%6.6%8.4%8.0%7.8%6.7%8.1%8.6%9.2%72.28772.51366.11765.96176.58363.34864.56768.85467.87410Q3$ 29,961,230,150$ 10,180,802,675$ 649,999,997

10Q4$ 65,041,728,699155%6.6%8.3%7.6%7.6%6.6%8.1%8.3%9.1%74.37671.86265.93666.99577.65464.10863.28369.68267.96710Q4$ 44,289,687,337$ 16,883,641,405$ 3,868,399,957

'1111Q1$ 42,254,681,899111%6.5%8.3%7.6%7.6%6.6%7.9%8.3%9.1%76.0718.1%71.523-3.3%66.168-2.7%67.8562.8%78.36164.94161.207-9.8%70.3802.4%68.18311Q1$ 30,759,499,410$ 8,464,936,467$ 3,030,246,022

11Q2$ 79,866,563,792173%6.5%8.1%7.6%7.5%6.8%7.8%8.0%8.9%78.25110.6%71.001-2.8%66.634-0.2%68.7095.0%80.64365.37060.032-8.6%71.2684.3%68.50611Q2$ 42,186,352,021$ 16,609,705,515$ 21,070,506,256

11Q3$ 67,249,171,61365%6.3%8.0%7.5%7.4%6.8%7.6%8.0%9.0%80.91511.9%72.117-0.5%67.6292.3%69.6695.6%83.27166.05660.713-6.0%72.8205.8%69.46211Q3$ 46,602,551,889$ 13,026,721,357$ 7,619,898,367

11Q4$ 71,145,148,7629%6.3%7.8%7.5%7.4%5.9%7.8%7.9%8.7%82.98111.6%73.3942.1%68.7634.3%70.0354.5%85.34466.37362.360-1.5%74.1646.4%70.42911Q4$ 53,365,638,736$ 17,776,510,026$ 3,000,000

'1212Q1$ 54,583,357,30029%6.4%7.8%7.4%7.3%6.3%7.7%7.9%8.3%84.29110.8%74.1853.7%69.7745.5%70.2923.6%86.87766.53364.0534.6%75.1126.7%71.16512Q1$ 37,162,591,509$ 12,836,947,083$ 4,583,818,707

12Q2$ 65,237,486,238-18%6.3%7.7%7.3%7.2%6.2%7.7%8.0%8.2%86.17410.1%74.5975.1%70.2945.5%70.5332.7%87.44466.76264.3377.2%76.0466.7%71.54112Q2$ 48,692,832,703$ 13,827,600,428$ 2,717,053,107

12Q3$ 74,099,353,07010%6.2%7.6%7.2%7.4%6.6%7.6%8.2%8.3%89.27710.3%74.6773.5%70.5374.3%71.0482.0%88.22467.51365.7028.2%77.2456.1%71.73112Q3$ 51,016,083,640$ 14,263,367,146$ 8,819,902,285

12Q4$ 116,346,796,45264%6.1%7.5%7.2%7.1%5.9%7.5%8.2%8.2%92.75711.8%75.0432.2%71.3823.8%71.6352.3%88.84068.36567.1687.7%78.7976.2%72.26712Q4$ 90,556,226,431$ 21,753,767,729$ 4,036,802,293

'1313Q1$ 78,855,273,51344%6.2%7.5%7.1%7.2%6.2%7.5%8.2%8.4%94.58012.2%76.2882.8%72.8124.4%72.8723.7%89.81369.77068.1846.4%80.3286.9%73.58513Q1$ 41,916,128,359$ 32,397,093,119$ 4,542,052,035

13Q2$ 77,887,675,71119%6.2%7.5%7.1%6.9%5.8%7.3%8.2%8.1%95.71511.1%78.4535.2%75.0516.8%75.2246.7%92.83471.98070.1119.0%82.2888.2%76.04313Q2$ 61,997,788,301$ 13,929,059,865$ 1,960,827,545

13Q3$ 97,476,612,37132%6.1%7.5%7.1%7.1%6.2%7.3%8.1%7.9%97.4639.2%80.6137.9%77.5409.9%78.0939.9%97.74874.42372.84510.9%84.5609.5%78.75913Q3$ 62,498,919,943$ 26,643,035,531$ 8,334,656,897

13Q4$ 124,144,952,6927%6.2%7.5%7.0%7.1%5.9%7.5%8.1%7.8%100.6158.5%82.4649.9%79.66311.6%80.07611.8%102.26875.92977.06714.7%86.76110.1%80.81513Q4$ 86,571,269,913$ 29,615,842,486$ 7,957,840,293

'1414Q1$ 95,823,642,78322%6.2%7.4%6.8%6.9%5.8%7.3%8.2%7.6%103.5619.5%84.24510.4%81.61312.1%81.90912.4%105.33077.51579.28116.3%88.93410.7%82.66514Q1$ 62,152,236,782$ 20,406,389,103$ 13,265,016,898

14Q2$ 101,257,691,32830%6.1%7.3%6.9%7.0%5.8%7.3%8.2%7.6%106.47311.2%87.00210.9%83.29411.0%84.33012.1%108.21579.86979.75313.8%91.28910.9%84.73214Q2$ 74,929,025,159$ 19,795,783,068$ 6,532,883,101

14Q3$ 119,860,820,10923%5.9%7.2%6.8%6.9%5.6%7.2%8.2%7.4%109.94412.8%89.91211.5%85.0899.7%86.08310.2%111.83881.31482.06112.7%93.78810.9%86.78514Q3$ 86,529,167,866$ 28,114,669,905$ 5,216,982,339

14Q4$ 136,347,135,81310%6.0%7.1%6.6%6.7%5.7%7.0%8.2%7.0%113.12312.4%92.59512.3%87.3639.7%88.70010.8%115.38083.61684.6369.8%96.74511.5%89.38614Q4$ 96,529,965,089$ 34,616,012,687$ 5,201,158,036

'1515Q1$ 144,073,390,92950%5.9%7.1%6.6%6.8%6.0%7.1%8.1%7.1%116.18712.2%95.40013.2%89.5819.8%91.75212.0%118.79586.84886.1588.7%99.57712.0%91.98515Q1$ 87,784,924,117$ 32,328,878,653$ 23,959,588,159

15Q2$ 131,874,104,45830%5.8%7.0%6.6%6.7%5.7%7.0%8.1%7.1%119.66612.4%96.31410.7%91.2049.5%93.33210.7%121.48488.64888.62011.1%101.72311.4%93.51115Q2$ 88,408,943,910$ 33,291,783,207$ 10,173,377,341

15Q3$ 121,293,720,5831%5.8%6.9%6.5%6.8%5.5%7.1%8.1%7.0%122.69511.6%98.2619.3%92.5468.8%93.8139.0%123.77988.99391.16811.1%103.54710.4%94.70515Q3$ 92,636,865,963$ 23,079,845,888$ 5,577,008,732

15Q4$ 174,102,963,38528%5.8%6.8%6.5%6.7%5.9%6.9%8.3%6.5%125.81111.2%100.4728.5%93.6877.2%94.7376.8%126.00890.01893.87610.9%105.5199.1%95.97015Q4$ 109,235,719,360$ 41,116,880,674$ 23,750,363,351

'1616Q1$ 120,024,111,142-17%5.7%6.7%6.6%6.6%5.5%7.0%8.4%6.4%129.95511.9%101.4826.4%94.6015.6%96.0044.6%128.62090.67096.57112.1%107.7068.2%97.15016Q1$ 82,131,590,295$ 25,619,133,775$ 12,273,387,072

16Q2$ 117,294,364,334-11%5.7%6.7%6.4%6.6%5.5%6.9%8.5%6.5%134.19812.1%103.1837.1%95.4994.7%98.5125.6%132.71192.70299.58812.4%110.3878.5%98.84016Q2$ 95,397,859,197$ 21,896,505,137$ - 0

16Q3$ 131,285,582,7158%5.6%6.7%6.4%6.4%5.5%6.7%8.5%6.6%137.37112.0%105.1347.0%96.0023.7%100.7037.3%136.64694.577101.43711.3%112.6558.8%100.34016Q3$ 96,961,884,568$ 24,975,651,033$ 9,348,047,115

16Q4$ 145,015,485,818-17%5.6%6.7%6.5%6.7%5.5%6.9%8.5%7.4%139.97811.3%107.3106.8%96.1172.6%102.7128.4%138.51597.162101.7568.4%114.1828.2%101.64116Q4$ 104,361,052,924$ 32,674,915,819$ 7,979,517,076

'1717Q1$ 110,704,085,025-8%5.6%6.7%6.4%6.7%5.5%7.0%8.6%7.5%142.6199.7%110.5398.9%96.3361.8%103.7418.1%139.74998.252102.8356.5%115.8557.6%102.97317Q1$ 82,520,467,514$ 23,319,288,761$ 4,864,328,750

17Q2$ 116,546,517,677-1%5.6%6.6%6.5%6.5%5.5%6.8%8.7%7.5%147.3389.8%113.80010.3%96.6731.2%105.5077.1%143.21399.646105.0715.5%118.7587.6%104.59917Q2$ 90,786,647,558$ 22,708,381,279$ 3,051,488,840

17Q3$ 130,699,693,355-0%5.5%6.6%6.5%6.6%5.8%6.8%8.8%7.1%152.18010.8%115.86810.2%97.1621.2%107.4796.7%145.848101.212107.2535.7%121.6738.0%106.15717Q3$ 88,833,136,592$ 26,779,871,037$ 15,086,685,726

17Q4$ 133,153,769,597-8%5.5%6.5%6.6%6.7%5.7%6.9%8.7%6.6%155.90211.4%117.1929.2%97.8041.8%108.9406.1%147.322102.360106.5404.7%123.7848.4%107.59417Q4$ 103,968,663,434$ 27,818,313,030$ 1,366,793,132

'1818Q1$ 121,002,573,2679%5.6%6.4%6.5%6.6%5.6%6.8%8.7%6.6%160.15412.3%120.7409.2%98.4772.2%110.8076.8%147.108104.879108.8215.8%125.9128.7%109.21718Q1$ 91,223,605,842$ 24,325,915,835$ 5,453,051,590

18Q2$ 124,443,123,6767%5.5%6.4%6.5%6.7%5.4%6.9%8.7%6.6%165.60612.4%121.9427.2%99.2682.7%113.6447.7%147.826108.435112.0216.6%128.4188.1%110.93418Q2$ 89,841,729,554$ 26,218,478,094$ 8,382,916,028

18Q3$ 160,814,861,66423%5.5%6.4%6.5%6.7%5.6%7.0%8.6%6.8%169.50411.4%124.4987.4%99.9002.8%115.0527.0%149.391109.642112.4214.8%130.5767.3%112.43518Q3$ 102,083,562,444$ 29,323,387,477$ 29,407,911,743

18Q4$ 172,796,734,91630%5.5%6.3%6.6%6.6%5.6%6.8%8.6%7.3%171.0479.7%128.3219.5%100.2962.5%115.1615.7%150.164109.638111.3474.5%131.8866.5%113.60318Q4$ 113,209,690,655$ 29,210,495,641$ 30,376,548,620

'1919Q1$ 112,744,158,185-7%5.6%6.3%6.5%6.7%5.4%7.0%8.6%7.3%173.6068.4%133.16110.3%100.6542.2%115.7854.5%153.462109.723112.8903.7%133.7436.2%114.96319Q1$ 87,784,627,114$ 22,377,389,340$ 2,582,141,731

19Q2$ 135,992,406,5499%5.5%6.4%6.6%6.7%5.5%7.0%8.7%7.4%177.9407.4%137.50912.8%101.0471.8%116.9572.9%155.353110.629113.5001.3%136.4896.3%116.61919Q2$ 105,065,493,707$ 29,009,751,383$ 1,917,161,459

19Q3$ 151,020,735,334-6%5.4%6.3%6.6%6.7%5.8%6.9%8.7%7.4%182.5067.7%139.25511.9%101.3101.4%118.5713.1%155.969112.109112.6900.2%139.3306.7%118.20919Q3$ 103,455,791,609$ 43,864,944,013$ 3,699,999,712

year-over-year change

Off'13'14'15'16'17'18'197.2360187388009437E-26.8732022641558504E-27.0575427775195876E-27.0798504172870202E-26.877251548503642E-26.9833311408287496E-26.8506156256721754E-26.7194268018926612E-26.8341456821997909E-26.729370030838186E-26.8117510233148798E-26.704080287381492E-26.6475135119104245E-26.5960918445590502E-26.4254801269506195E-26.7096467639440577E-26.7124770756427518E-26.5461146657221733E-26.5758574505539874E-26.65320674366882E-26.5675146713273777E-26.6604259206426694E-26.7153356313316967E-26.5940344948208843E-26.71183737180229E-26.7123838295010604E-26.7163921823179901E-2Ret'13'14'15'16'17'18'197.1339773021419181E-27.0728254558914933E-27.0697806111079856E-27.045460018206591E-26.8299474807901078E-26.8733535896132028E-26.8380377988506269E-26.6360479178362533E-26.594362624447854E-26.5804050101425621E-26.5139289273811254E-26.454936989836875E-26.5643938257949661E-26.4021640216098519E-26.4431450529302714E-26.5404150102454484E-26.4470466581981217E-26.5067674093160166E-26.4988513906320641E-26.5700184719001367E-26.5232979778277855E-26.5369831672438122E-26.5019137998546167E-26.5582666609954016E-26.5433255487312991E-26.6358585322746702E-26.5854811297147597E-2Ind'13'14'15'16'17'18'197.5021208112604792E-27.5149630217089786E-27.4641823345914737E-27.4719288916368379E-27.3732215583528604E-27.2853785526576495E-27.2052647768730618E-27.0962694796576214E-27.052102460540767E-26.9529390003342961E-26.8719454681751876E-26.7504583054409262E-26.7318009525129618E-26.7047097505869166E-26.6644330650382846E-26.6934954412585373E-26.6878796220731146E-26.6301836973640088E-26.5831327831472247E-26.5235923786548702E-26.4289655994590855E-26.3917676454194203E-26.3810655043664094E-26.3271264592224541E-26.3464241235802007E-26.3614438332563944E-26.2996993037392313E-2Apt'13'14'15'16'17'18'196.2254047161738602E-26.2363438258443663E-26.1263144836498827E-26.1988543250929798E-26.1517873306210058E-26.093535107663741E-25.8818015062686031E-25.9665898372353705E-25.8519632787883594E-25.8464765575604198E-25.809243305031641E-25.7859118848002725E-25.6529232400304427E-25.7327817601184938E-25.6389319653993096E-25.6176468468105985E-25.6164274913571038E-25.6069695192768484E-25.4616897955852312E-25.5443826217893379E-25.5575068229975461E-25.5142154664127183E-25.53947546863214E-25.4881728974858796E-25.5741341593337913E-25.5328832471577875E-25.4435557311376032E-2Htl'13'14'15'16'17'18'198.2293849534507246E-28.1957988115481148E-28.1434272919131107E-28.1409811743798521E-28.2075148636619272E-28.2118148244289327E-28.2148610424668062E-28.1600078723249411E-28.1045584341169458E-28.1485544431271609E-28.1479294725392698E-28.3366294318687015E-28.4163880045510051E-28.4830710513212934E-28.544056510103798E-28.5253526961965767E-28.5771389690438821E-28.6699399859105547E-28.7786354918529319E-28.7475551085066411E-28.6842729364857055E-28.6819764446943407E-28.6277506967985917E-28.6031699092533331E-28.636866219456063E-28.6571109982129774E-28.6619272568761382E-2Snr'13'14'15'16'17'18'198.4170770678949805E-28.0808031255697563E-27.8882357483366347E-27.8025422089244664E-27.6214138507993773E-27.5886998258484523E-27.3850458999241683E-27.0392721264789682E-27.0668157714146432E-27.1499642573728844E-26.9923528631677098E-26.4892365936575963E-26.4314129965648725E-26.4869215102550642E-26.6326888345167367E-27.430533406232917E-27.5143012543499657E-27.4783882800109586E-27.091824093032903E-26.5785198337785469E-26.583280646769625E-2

'13'14'15'16'17'18'193.6708083391288504E-26.6502203542102567E-29.9150002042402985E-20.117844878880972280.124010104309566940.121057805008826240.102319615914449490.107687102388212440.120171735484892570.106746399181775648.9796467444885675E-26.8063473897248983E-24.6332618224849575E-25.5505475290080319E-27.3445166916902949E-28.4185369704171231E-28.0597119779700188E-27.1001095643905998E-26.7285503371091959E-26.0629603742306637E-26.8106175982969308E-27.7124389899695611E-27.0461923569848928E-25.7108903174174719E-24.4923828530652132E-22.9155293048210185E-23.05893871478784E-2'13'14'15'16'17'18'194.3545972810101086E-26.7682111009245371E-29.9277092838731429E-20.116001301895875650.120871359972474220.109825306744747669.7357215546750364E-29.666386893424983E-29.7633097048988926E-29.4961496095347986E-28.7634422871900597E-27.2388624055061079E-25.6034264771428699E-24.7097770273732076E-23.7343709226257848E-22.5933928083941682E-21.8335621252503653E-21.2295099606156379E-21.20860424994369E-21.7546519459894272E-22.2225177304173949E-22.6837262856322708E-22.8180778852333388E-22.547890170459155E-22.2112117218568317E-21.7927468797268364E-21.4106202358276976E-2'13'14'15'16'17'18'192.8346133564160603E-25.1700010695325593E-27.9489961276375753E-29.8890334105705247E-20.104300014703482710.108965341024596980.115360113289269210.122851475156479320.132406287266997550.107036233165967119.2853992265862662E-28.5067250329302846E-26.3755142206576743E-27.1311051141762505E-26.9949122857410284E-26.8058836370855857E-28.9247772896391631E-20.102901279896923330.102099642976343669.2084003886315768E-29.2288911082713643E-27.1542571060503546E-27.4475789383244839E-29.4967366222909577E-20.102867456786095660.127662323359483580.11853978344269533'13'14'15'16'17'18'190.122071997829735550.110711273084642249.168493525014787E-28.4709858750591449E-29.4954149313071889E-20.112399591422801540.128058535573377430.124317074940732520.121916201109664610.123906325233206440.115976922370382370.112168616019951980.11850013155844930.121438155523624580.119615218873160730.112602776484562749.7444631775579271E-29.7917533196064888E-20.107808090268733730.113760154611065810.122956285502770160.123987669721163260.113833275265824439.7145639705386699E-28.3988183579723596E-27.447707197330633E-27.6709544610067404E-2'13'14'15'16'17'18'196.4494943323654796E-28.9750274913734218E-20.108715937291879120.147385840330207740.162748740725947360.137529452784017630.126519795004898419.8205918967200656E-28.6744494079866952E-20.111172138595523550.110977299519236630.109175178590527280.120867363980908580.123772797412202480.112637158365895388.3942411189026123E-26.4854391727193983E-25.5051123140500202E-25.7338457943340249E-24.7012977020047808E-25.8212491565420077E-26.6150098349796016E-24.8187568738568665E-24.5122379952266201E-23.7392580606102177E-21.3204589694345126E-22.3913543490836631E-3

Y/Y Change in Sales Volume

13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q30.444676132312282980.193909823966220920.315485336001958946.7025104921458523E-20.215183696851209310.30004766997705090.229636701496209299.8289804429349426E-20.503526548816334520.302361358714148931.1954702730348377E-20.27690957604037369-0.16692381314812954-0.110558021863804928.237740654898551E-2-0.16707054837485713-7.7651282131664723E-2-6.3758106415950921E-3-4.4627090672982872E-3-8.1796203724574967E-29.3027174555648573E-26.7754971624285565E-20.230414988258394790.29772319205813558-6.8249912859805639E-29.2807722376094803E-2-6.0903116966662729E-2

YOY Chg'13'14'15'16'17'18'190.444676132312282980.193909823966220920.315485336001958946.7025104921458523E-20.215183696851209310.30004766997705090.229636701496209299.8289804429349426E-20.503526548816334520.302361358714148931.1954702730348377E-20.27690957604037369-0.16692381314812954-0.110558021863804928.237740654898551E-2-0.16707054837485713-7.7651282131664723E-2-6.3758106415950921E-3-4.4627090672982872E-3-8.1796203724574967E-29.3027174555648573E-26.7754971624285565E-20.230414988258394790.29772319205813558-6.8249912859805639E-29.2807722376094803E-2-6.0903116966662729E-2

Y/Y Change in Sales Volume

13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q30.444676132312282980.193909823966220920.315485336001958946.7025104921458523E-20.215183696851209310.30004766997705090.229636701496209299.8289804429349426E-20.503526548816334520.302361358714148931.1954702730348377E-20.27690957604037369-0.16692381314812954-0.110558021863804928.237740654898551E-2-0.16707054837485713-7.7651282131664723E-2-6.3758106415950921E-3-4.4627090672982872E-3-8.1796203724574967E-29.3027174555648573E-26.7754971624285565E-20.230414988258394790.29772319205813558-6.8249912859805639E-29.2807722376094803E-2-6.0903116966662729E-2

Cap Rates for $2.5M+ Sales Transactions

Apartment13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q36.2254047161738602E-26.2363438258443663E-26.1263144836498827E-26.1988543250929798E-26.1517873306210058E-26.093535107663741E-25.8818015062686031E-25.9665898372353705E-25.8519632787883594E-25.8464765575604198E-25.809243305031641E-25.7859118848002725E-25.6529232400304427E-25.7327817601184938E-25.6389319653993096E-25.6176468468105985E-25.6164274913571038E-25.6069695192768484E-25.4616897955852312E-25.5443826217893379E-25.5575068229975461E-25.5142154664127183E-25.53947546863214E-25.4881728974858796E-25.5741341593337913E-25.5328832471577875E-25.4435557311376032E-2Industrial13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q37.5021208112604792E-27.5149630217089786E-27.4641823345914737E-27.4719288916368379E-27.3732215583528604E-27.2853785526576495E-27.2052647768730618E-27.0962694796576214E-27.052102460540767E-26.9529390003342961E-26.8719454681751876E-26.7504583054409262E-26.7318009525129618E-26.7047097505869166E-26.6644330650382846E-26.6934954412585373E-26.6878796220731146E-26.6301836973640088E-26.5831327831472247E-26.5235923786548702E-26.4289655994590855E-26.3917676454194203E-26.3810655043664094E-26.3271264592224541E-26.3464241235802007E-26.3614438332563944E-26.2996993037392313E-2Retail13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q37.1339773021419181E-27.0728254558914933E-27.0697806111079856E-27.045460018206591E-26.8299474807901078E-26.8733535896132028E-26.8380377988506269E-26.6360479178362533E-26.594362624447854E-26.5804050101425621E-26.5139289273811254E-26.454936989836875E-26.5643938257949661E-26.4021640216098519E-26.4431450529302714E-26.5404150102454484E-26.4470466581981217E-26.5067674093160166E-26.4988513906320641E-26.5700184719001367E-26.5232979778277855E-26.5369831672438122E-26.5019137998546167E-26.5582666609954016E-26.5433255487312991E-26.6358585322746702E-26.5854811297147597E-2Office13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q37.2360187388009437E-26.8732022641558504E-27.0575427775195876E-27.0798504172870202E-26.877251548503642E-26.9833311408287496E-26.8506156256721754E-26.7194268018926612E-26.8341456821997909E-26.729370030838186E-26.8117510233148798E-26.704080287381492E-26.6475135119104245E-26.5960918445590502E-26.4254801269506195E-26.7096467639440577E-26.7124770756427518E-26.5461146657221733E-26.5758574505539874E-26.65320674366882E-26.5675146713273777E-26.6604259206426694E-26.7153356313316967E-26.5940344948208843E-26.71183737180229E-26.7123838295010604E-26.7163921823179901E-2Hotel13Q113Q213Q313Q414Q114Q214Q314Q415Q115Q215Q315Q416Q116Q216Q316Q417Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q38.2293849534507246E-28.1957988115481148E-28.1434272919131107E-28.1409811743798521E-28.2075148636619272E-28.2118148244289327E-28.2148610424668062E-28.1600078723249411E-28.1045584341169458E-28.1485544431271609E-28.1479294725392698E-28.3366294318687015E-28.4163880045510051E-28.4830710513212934E-28.544056510103798E-28.5253526961965767E-28.5771389690438821E-28.6699399859105547E-28.7786354918529319E-28.7475551085066411E-28.6842729364857055E-28.6819764446943407E-28.6277506967985917E-28.6031699092533331E-28.636866219456063E-28.6571109982129774E-28.6619272568761382E-2

Cap Rates

RCA CPPI™Year-Over-Year Change

Year-Over-Year Volume Change

Transaction Volume ($b) and RCA CPPI

Year-Over-Year Price Change

RCA_CPPI_M_UpdateMe

9/1/179/1/17

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RCA CPPITM - US National Indices1

Updated September 2019, Data through August 2019

YearMonthNational All-PropertyApartmentCore CommercialRetailIndustrialOffice - CBDOffice - SuburbanOfficeMajor Markets (All-Property)Non-Major Markets (All-Property)

20001265.9163.0367.4760.9168.4664.6370.7369.5663.7866.62200012

20010166.2563.5867.7461.3068.6064.8570.8869.7864.2166.83200101

20010266.5264.1167.9361.6968.7764.9470.9269.8664.6067.00200102

20010366.7464.6068.0362.0569.0264.9670.8869.8364.9467.12200103

20010466.8865.0068.0662.3769.2964.8870.7869.7065.2067.18200104

20010566.9365.2968.0162.6469.5464.7570.5569.4565.3867.19200105

20010666.9165.4767.8762.8669.7264.5870.2069.0965.4667.15200106

20010766.8365.5867.6863.0169.9264.3769.6968.6065.4467.09200107

20010866.7165.6567.4363.1170.1664.0669.1568.0365.3467.03200108

20010966.5765.7167.1563.1470.4063.7268.6967.4865.1666.98200109Y/Y Price Change

20011066.4265.7766.8663.1270.4963.4168.3967.0464.9566.95200110National All-PropertyApartmentCore CommercialRetailIndustrialOffice - CBDOffice - SuburbanOfficeMajor Markets (All-Property)Non-Major Markets (All-Property)

20011166.2765.8566.5663.0670.3163.2868.2366.7564.7166.92200111

20011266.1265.9466.2863.0069.9363.3668.1366.5964.5066.902001120%5%-2%3%2%-2%-4%-4%1%0%

20020166.0066.0466.0562.9669.4063.6368.1466.5864.3266.91200201-0%4%-2%3%1%-2%-4%-5%0%0%

20020265.9466.1965.9062.9568.8864.0168.2766.7364.1866.97200202-1%3%-3%2%0%-1%-4%-4%-1%-0%

20020365.9566.3865.8462.9868.4464.4168.5466.9964.1067.10200203-1%3%-3%2%-1%-1%-3%-4%-1%-0%

20020466.0466.6365.8763.0868.1464.6868.8267.2964.0667.29200204-1%3%-3%1%-2%-0%-3%-3%-2%0%

20020566.2266.9665.9863.2867.9964.7669.0967.5664.0967.53200205-1%3%-3%1%-2%0%-2%-3%-2%1%

20020666.5067.4066.1663.5768.0164.6869.3467.7964.2367.81200206-1%3%-3%1%-2%0%-1%-2%-2%1%

20020766.8867.9766.4263.9768.1164.5669.5868.0164.4968.142002070%4%-2%2%-3%0%-0%-1%-1%2%

20020867.3368.6266.7464.4668.2064.5469.7768.2464.8768.512002081%5%-1%2%-3%1%1%0%-1%2%

20020967.8269.2967.1165.0468.2964.6769.9268.5165.3668.902002092%5%-0%3%-3%2%2%2%0%3%

20021068.3469.9367.5365.6668.4464.9170.0768.7965.9469.302002103%6%1%4%-3%2%2%3%2%4%

20021168.8570.5367.9666.2968.6265.1270.2469.0866.5669.722002114%7%2%5%-2%3%3%3%3%4%

20021269.3771.1068.4366.9468.8465.3570.4569.3867.1770.152002125%8%3%6%-2%3%3%4%4%5%

20030169.9071.6368.9267.6169.1965.6670.7069.7267.7670.612003016%8%4%7%-0%3%4%5%5%6%

20030270.4172.1169.4468.2869.6766.0970.9970.1068.3271.072003027%9%5%8%1%3%4%5%6%6%

20030370.8872.5569.9368.9470.1866.6171.2670.4668.8671.512003037%9%6%9%3%3%4%5%7%7%

20030471.3072.9470.3869.6170.5867.1871.5370.7869.4071.912003048%9%7%10%4%4%4%5%8%7%

20030571.6773.3170.7870.2770.8467.7471.8071.0869.9372.262003058%9%7%11%4%5%4%5%9%7%

20030672.0173.6271.1670.9570.9368.2572.0871.3570.4472.582003068%9%8%12%4%6%4%5%10%7%

20030772.3373.8871.5271.6370.9968.7572.3171.6270.9572.872003078%9%8%12%4%6%4%5%10%7%

20030872.6674.0771.9172.3371.1069.3272.5371.9071.4873.162003088%8%8%12%4%7%4%5%10%7%

20030973.0074.2072.3473.0571.2970.0072.7572.2372.0073.452003098%7%8%12%4%8%4%5%10%7%

20031073.3674.2872.7873.8071.4570.7472.9772.5672.4873.752003107%6%8%12%4%9%4%5%10%6%

20031173.6874.3473.2074.5571.5271.4373.1272.8372.9274.062003117%5%8%12%4%10%4%5%10%6%

20031273.9874.4273.5975.2671.5371.9773.2873.0673.3274.372003127%5%8%12%4%10%4%5%9%6%

20040174.3074.5873.9975.9371.5372.2873.5873.3773.7174.712004016%4%7%12%3%10%4%5%9%6%

20040274.7274.9074.4476.5471.7172.3874.2073.8874.2075.132004026%4%7%12%3%10%5%5%9%6%

20040375.2875.4474.9777.1072.1572.3775.0774.5674.8475.642004036%4%7%12%3%9%5%6%9%6%

20040475.9876.2275.5777.6272.8872.3876.0375.3175.6676.262004047%4%7%12%3%8%6%6%9%6%

20040576.7977.2076.2178.1173.8372.5876.9276.0776.6176.972004057%5%8%11%4%7%7%7%10%7%

20040677.6878.3376.9078.5974.9872.9777.7876.8277.5977.782004068%6%8%11%6%7%8%8%10%7%

20040778.6279.5077.6579.1476.2573.5378.6577.6178.5778.692004079%8%9%10%7%7%9%8%11%8%

20040879.5780.6978.4579.8377.3474.1579.5778.4379.4879.6620040810%9%9%10%9%7%10%9%11%9%

20040980.5081.8479.2780.6878.0974.8780.5179.3080.2980.6820040910%10%10%10%10%7%11%10%12%10%

20041081.3882.8880.1081.6578.5175.6581.4080.1880.9981.6920041011%12%10%11%10%7%12%10%12%11%

20041182.2283.7980.9482.7178.9676.4782.2081.0081.6482.6820041112%13%11%11%10%7%12%11%12%12%

20041283.0384.5781.8083.8579.5377.3382.9281.7682.2983.6620041212%14%11%11%11%7%13%12%12%12%

20050183.8585.3082.6885.0480.3378.2383.6582.4783.0284.6020050113%14%12%12%12%8%14%12%13%13%

20050284.6686.0483.5486.2181.1779.1384.2583.0883.7985.5120050213%15%12%13%13%9%14%12%13%14%

20050385.4886.8684.3687.3282.0580.1284.6983.6284.6486.3920050314%15%13%13%14%11%13%12%13%14%

20050486.3687.7785.2188.3782.9981.4785.0584.2285.6187.2920050414%15%13%14%14%13%12%12%13%14%

20050587.3788.7886.1589.3584.0683.3185.6185.1086.7888.2320050514%15%13%14%14%15%11%12%13%15%

20050688.4989.9487.1890.3285.2185.3186.4086.1988.0889.2320050614%15%13%15%14%17%11%12%14%15%

20050789.6991.2788.2491.2986.2486.9587.4087.3989.4090.2920050714%15%14%15%13%18%11%13%14%15%

20050890.9392.7589.2892.2987.0588.0988.4988.5590.6391.4020050814%15%14%16%13%19%11%13%14%15%

20050992.1494.2390.3293.2987.6888.9989.7989.7791.8092.4820050914%15%14%16%12%19%12%13%14%15%

20051093.2495.5391.3294.2788.2289.7791.2491.0192.8993.4720051015%15%14%15%12%19%12%14%15%14%

20051194.1796.5392.2795.1588.8590.5892.7792.2693.8694.3320051115%15%14%15%13%18%13%14%15%14%

20051294.9297.2193.1895.9889.7891.4194.0893.3794.6495.0720051214%15%14%14%13%18%13%14%15%14%

20060195.5797.6594.0796.7790.9992.3895.1194.3495.2995.7220060114%14%14%14%13%18%14%14%15%13%

20060296.1997.9694.9597.5892.3193.3995.8695.1695.8896.3320060214%14%14%13%14%18%14%15%14%13%

20060396.7898.1795.8098.3293.5494.5196.4395.8996.4896.9020060313%13%14%13%14%18%14%15%14%12%

20060497.2998.2296.5898.9494.7195.6496.8096.5297.0897.3920060413%12%13%12%14%17%14%15%13%12%

20060597.7298.0797.3199.3895.9596.6797.2797.2097.6497.7820060512%10%13%11%14%16%14%14%13%11%

20060698.0697.8497.9799.6997.0197.4397.8997.9498.0598.0920060611%9%12%10%14%14%13%14%11%10%

20060798.3297.6898.5099.8897.7497.9798.5698.6498.3498.3420060710%7%12%9%13%13%13%13%10%9%

20060898.5397.7298.8599.9998.0498.3699.0299.1398.5798.542006088%5%11%8%13%12%12%12%9%8%

20060998.7798.0499.07100.0198.1398.6799.3299.4098.8498.762006097%4%10%7%12%11%11%11%8%7%

20061099.0898.6399.2799.9998.2899.0499.5399.5899.1699.062006106%3%9%6%11%10%9%9%7%6%

20061199.4999.3399.5599.9798.8399.4999.7199.7499.5499.472006116%3%8%5%11%10%7%8%6%5%

200612100.00100.00100.00100.00100.00100.00100.00100.00100.00100.002006125%3%7%4%11%9%6%7%6%5%

200701100.65100.56100.70100.17101.59100.84100.71100.62100.63100.662007015%3%7%4%12%9%6%7%6%5%

200702101.45101.03101.63100.53103.17102.04101.83101.64101.47101.432007025%3%7%3%12%9%6%7%6%5%

200703102.36101.46102.67101.10104.42103.59103.05102.87102.54102.252007036%3%7%3%12%10%7%7%6%6%

200704103.32101.91103.69101.85105.28105.03104.06104.02103.73103.072007046%4%7%3%11%10%7%8%7%6%

200705104.26102.32104.68102.72105.83106.34105.04105.15104.95103.792007057%4%8%3%10%10%8%8%7%6%

200706105.08102.57105.64103.58106.26107.57106.17106.39106.11104.332007067%5%8%4%10%10%8%9%8%6%

200707105.62102.55106.47104.26106.67108.68107.31107.58107.12104.572007077%5%8%4%9%11%9%9%9%6%

200708105.74102.27107.01104.62107.21109.73107.97108.42107.80104.452007087%5%8%5%9%12%9%9%9%6%

200709105.38101.81107.06104.53107.30110.68107.91108.69108.04103.942007097%4%8%5%9%12%9%9%9%5%

200710104.69101.21106.67103.96106.90111.60107.44108.58107.89103.172007106%3%7%4%9%13%8%9%9%4%

200711103.80100.59105.90102.96105.99112.35106.77108.24107.46102.282007114%1%6%3%7%13%7%9%8%3%

200712102.88100.05104.95101.69105.06112.66106.08107.73106.83101.392007123%0%5%2%5%13%6%8%7%1%

200801102.0199.61103.95100.32104.35112.34105.36107.04106.10100.552008011%-1%3%0%3%11%5%6%5%-0%

200802101.2099.18102.9898.96103.92111.47104.79106.29105.3399.75200802-0%-2%1%-2%1%9%3%5%4%-2%

200803100.4198.66102.0497.68103.54110.22104.19105.44104.5998.88200803-2%-3%-1%-3%-1%6%1%2%2%-3%

20080499.5698.06101.0696.50102.99108.72103.33104.36103.9297.87200804-4%-4%-3%-5%-2%4%-1%0%0%-5%

20080598.5997.4599.9295.36102.02107.04101.91102.83103.2696.71200805-5%-5%-5%-7%-4%1%-3%-2%-2%-7%

20080697.5196.8198.6494.19100.91105.31100.10101.01102.4995.43200806-7%-6%-7%-9%-5%-2%-6%-5%-3%-9%

20080796.3396.0697.3192.9499.92103.7398.1399.11101.5694.07200807-9%-6%-9%-11%-6%-5%-9%-8%-5%-10%

20080895.0995.0896.0091.6299.19102.3396.2997.35100.5092.68200808-10%-7%-10%-12%-7%-7%-11%-10%-7%-11%

20080993.7693.8094.6890.2398.43101.0994.5995.7699.3191.20200809-11%-8%-12%-14%-8%-9%-12%-12%-8%-12%

20081092.2792.2693.2688.7497.3699.7693.0394.2897.9389.60200810-12%-9%-13%-15%-9%-11%-13%-13%-9%-13%

20081190.6090.5391.6887.1495.7898.2891.4992.8196.3587.84200811-13%-10%-13%-15%-10%-13%-14%-14%-10%-14%

20081288.7888.7189.9485.4693.8796.5789.9491.3094.6185.94200812-14%-11%-14%-16%-11%-14%-15%-15%-11%-15%

20090186.8986.8788.0783.7491.6894.7288.2989.6792.7783.95200901-15%-13%-15%-17%-12%-16%-16%-16%-13%-17%

20090284.9485.0486.1181.9889.4392.7286.5587.9190.8881.92200902-16%-14%-16%-17%-14%-17%-17%-17%-14%-18%

20090382.9983.2184.1180.1887.2090.5984.7386.0488.9879.89200903-17%-16%-18%-18%-16%-18%-19%-18%-15%-19%

20090481.0581.3682.1078.3585.0688.3782.8584.0787.1177.89200904-19%-17%-19%-19%-17%-19%-20%-19%-16%-20%

20090579.1479.5180.1576.5783.0886.1080.9482.0485.2875.95200905-20%-18%-20%-20%-19%-20%-21%-20%-17%-21%

20090677.3277.7278.3174.8981.3583.8779.0179.9783.5474.10200906-21%-20%-21%-20%-19%-20%-21%-21%-18%-22%

20090775.6376.0476.6373.4179.9381.7677.0577.8881.9472.38200907-21%-21%-21%-21%-20%-21%-21%-21%-19%-23%

20090874.1474.5575.1772.2078.8579.9075.0875.8380.5670.83200908-22%-22%-22%-21%-21%-22%-22%-22%-20%-24%

20090972.8773.3173.9371.2778.1078.3573.1373.8679.4069.48200909-22%-22%-22%-21%-21%-22%-23%-23%-20%-24%

20091071.8272.3272.8770.5677.6077.0871.2071.9978.4368.34200910-22%-22%-22%-20%-20%-23%-23%-24%-20%-24%

20091170.9671.5971.9569.9977.1776.0269.4170.2877.6167.39200911-22%-21%-22%-20%-19%-23%-24%-24%-19%-23%

20091270.2471.0671.1169.4876.5675.1167.8468.8176.9166.60200912-21%-20%-21%-19%-18%-22%-25%-25%-19%-23%

20100169.6470.7070.3569.0175.7474.3566.6367.6476.3565.96201001-20%-19%-20%-18%-17%-22%-25%-25%-18%-21%

20100269.1570.4769.7068.5674.8473.7765.7166.7475.9565.42201002-19%-17%-19%-16%-16%-20%-24%-24%-16%-20%

20100368.7870.3769.1768.1274.0973.4365.0366.1175.7265.01201003-17%-15%-18%-15%-15%-19%-23%-23%-15%-19%

20100468.5370.3868.7567.6973.5873.4064.5165.7275.6564.69201004-15%-13%-16%-14%-14%-17%-22%-22%-13%-17%

20100568.4170.5168.4467.2673.2973.6964.1465.5675.7364.49201005-14%-11%-15%-12%-12%-14%-21%-20%-11%-15%

20100668.3970.7468.2366.8773.1474.2763.8965.5875.9564.39201006-12%-9%-13%-11%-10%-11%-19%-18%-9%-13%

20100768.4871.1168.0866.5573.0475.0063.6865.6976.2864.37201007-9%-6%-11%-9%-9%-8%-17%-16%-7%-11%

20100868.6571.6367.9866.3272.9075.7963.5065.8476.7164.42201008-7%-4%-10%-8%-8%-5%-15%-13%-5%-9%

20100968.8972.2967.9166.1772.6576.5063.3866.0177.1364.55201009-5%-1%-8%-7%-7%-2%-13%-11%-3%-7%

20101069.1773.0367.8766.0572.3877.0763.4066.2477.5164.75201010-4%1%-7%-6%-7%-0%-11%-8%-1%-5%

20101169.4473.7767.8765.9772.1377.3963.6066.5377.7964.98201011-2%3%-6%-6%-7%2%-8%-5%0%-4%

20101269.6974.4567.9065.9471.9477.4763.9366.8478.0165.22201012-1%5%-5%-5%-6%3%-6%-3%1%-2%

20110169.9275.0567.9665.9671.8077.5264.2967.1578.2565.432011010%6%-3%-4%-5%4%-4%-1%2%-1%

20110270.1475.5868.0366.0371.7077.6964.5767.4278.5465.622011021%7%-2%-4%-4%5%-2%1%3%0%

20110370.3676.1268.1166.1371.5478.1164.7667.6878.9265.782011032%8%-2%-3%-3%6%-0%2%4%1%

20110470.6076.7268.1966.2671.2678.7564.9267.9779.4265.932011043%9%-1%-2%-3%7%1%3%5%2%

20110570.9077.4468.3166.4371.0379.6265.1368.3180.0966.092011054%10%-0%-1%-3%8%2%4%6%2%

20110671.2978.2568.5066.6570.9680.5665.3468.6980.8966.282011064%11%0%-0%-3%8%2%5%7%3%

20110771.7679.1268.7866.9371.1681.5765.5969.0881.8066.542011075%11%1%1%-3%9%3%5%7%3%

20110872.3180.0269.1367.2871.5982.5665.8369.4582.7066.872011085%12%2%1%-2%9%4%5%8%4%

20110972.9080.9069.5367.6972.1783.4666.0869.7783.5067.292011096%12%2%2%-1%9%4%6%8%4%

20111073.4481.7169.9168.1072.7784.2266.2769.9884.1167.732011106%12%3%3%1%9%5%6%9%5%

20111173.8982.4170.2368.4773.2384.8666.3770.0884.5168.172011116%12%3%4%2%10%4%5%9%5%

20111274.2582.9970.5068.8173.5485.4966.4270.1484.7968.582011127%11%4%4%2%10%4%5%9%5%

20120174.5783.4570.7569.1473.8086.0766.4770.2185.0868.942012017%11%4%5%3%11%3%5%9%5%

20120274.8783.8670.9969.4874.0686.5166.5570.2885.4369.282012027%11%4%5%3%11%3%4%9%6%

20120375.1784.2971.2169.8174.3386.8266.6070.3385.8469.592012037%11%5%6%4%11%3%4%9%6%

20120475.4684.8171.3870.0874.5387.0166.6170.3686.2269.912012047%11%5%6%5%10%3%4%9%6%

20120575.7685.4371.4970.2574.6887.1566.6770.4286.5170.272012057%10%5%6%5%9%2%3%8%6%

20120676.0886.1571.5770.3674.7887.2766.8570.5586.7170.672012067%10%4%6%5%8%2%3%7%7%

20120776.4387.0171.6470.4374.7987.4367.1270.7486.8571.132012077%10%4%5%5%7%2%2%6%7%

20120876.8388.0371.7070.4974.8087.6967.4070.9387.0771.632012086%10%4%5%4%6%2%2%5%7%

20120977.3089.2571.7770.6174.8588.0267.6171.0887.4272.162012096%10%3%4%4%5%2%2%5%7%

20121077.8390.5671.9170.8274.9388.3767.8271.2487.9572.702012106%11%3%4%3%5%2%2%5%7%

20121178.3991.7772.1171.1275.0288.6468.1371.4788.5873.242012116%11%3%4%2%4%3%2%5%7%

20121278.9392.7572.3871.5075.1888.9368.5271.7689.2673.742012126%12%3%4%2%4%3%2%5%8%

20130179.4393.5172.7271.9375.4589.2268.9472.1189.9874.222013017%12%3%4%2%4%4%3%6%8%

20130279.9394.1173.1772.4475.8989.5969.3972.5290.7574.692013027%12%3%4%2%4%4%3%6%8%

20130380.4894.6073.7473.0476.3990.0269.9273.0291.5675.182013037%12%4%5%3%4%5%4%7%8%

20130481.0895.0174.4573.7577.0290.7370.5473.6692.4075.722013047%12%4%5%3%4%6%5%7%8%

20130581.7595.4075.2974.5377.7891.7271.2474.4393.2576.292013058%12%5%6%4%5%7%6%8%9%

20130682.4895.8176.2275.3678.6393.0672.0775.3694.1176.902013068%11%6%7%5%7%8%7%9%9%

20130783.2396.2677.1876.1979.4094.6372.9376.3694.9977.542013079%11%8%8%6%8%9%8%9%9%

20130884.0096.8178.1277.0380.1496.4073.7877.3995.8778.192013089%10%9%9%7%10%9%9%10%9%

20130984.7797.5678.9877.8380.8998.2174.5078.3096.7178.8620130910%9%10%10%8%12%10%10%11%9%

20131085.5298.4879.7678.5881.5999.8875.1379.0997.5379.5320131010%9%11%11%9%13%11%11%11%9%

20131186.2399.5280.4379.2782.21101.3875.6179.7398.3480.1820131110%8%12%11%10%14%11%12%11%9%

20131286.92100.5981.0379.9282.77102.6876.0580.2999.1880.8320131210%8%12%12%10%15%11%12%11%10%

20140187.60101.6081.6280.5483.37103.7576.5380.84100.0881.4720140110%9%12%12%10%16%11%12%11%10%

20140288.30102.5882.2181.1483.92104.7177.0981.46101.0282.1320140210%9%12%12%11%17%11%12%11%10%

20140389.02103.5082.8381.7284.45105.5877.7582.18102.0182.8120140311%9%12%12%11%17%11%13%11%10%

20140489.78104.4283.4882.2785.13106.4978.4782.98103.0583.5220140411%10%12%12%11%17%11%13%12%10%

20140590.57105.4084.1582.8086.03107.4179.2883.81104.1584.2520140511%10%12%11%11%17%11%13%12%10%

20140691.39106.5084.8483.3487.18108.4180.0384.57105.3085.0120140611%11%11%11%11%16%11%12%12%11%

20140792.22107.6685.5383.9188.33109.5480.6685.22106.4685.7720140711%12%11%10%11%16%11%12%12%11%

20140893.06108.8586.2184.5289.31110.7781.1085.75107.5886.5420140811%12%10%10%11%15%10%11%12%11%

20140993.93110.0286.9385.2090.11112.0781.5186.29108.6887.3420140911%13%10%9%11%14%9%10%12%11%

20141094.87111.1487.7185.9490.87113.3482.0286.94109.7988.1920141011%13%10%9%11%13%9%10%13%11%

20141195.86112.1788.6086.7491.79114.5782.7887.82110.9889.0720141111%13%10%9%12%13%9%10%13%11%

20141296.91113.1889.5787.5692.81115.7883.8188.90112.2789.9720141211%13%11%10%12%13%10%11%13%11%

20150197.94114.2190.5488.3893.92117.0684.9290.02113.6190.8320150112%12%11%10%13%13%11%11%14%11%

20150298.89115.2391.4289.1394.93118.2885.9791.04114.8991.6220150212%12%11%10%13%13%12%12%14%12%

20150399.73116.2592.1689.8195.72119.3986.8891.88116.0692.3420150312%12%11%10%13%13%12%12%14%12%

201504100.50117.3492.7890.4096.14120.3987.7192.59117.1592.9920150412%12%11%10%13%13%12%12%14%11%

201505101.21118.5393.2890.9496.34121.3988.2993.12118.1693.6120150512%12%11%10%12%13%11%11%13%11%

201506101.87119.7593.6891.4496.54122.2388.5993.42119.0594.2120150611%12%10%10%11%13%11%10%13%11%

201507102.50120.8894.0691.9296.96122.9988.6893.56119.7994.8220150711%12%10%10%10%12%10%10%13%11%

201508103.12121.9094.4792.3997.69123.7388.8393.73120.4795.4720150811%12%10%9%9%12%10%9%12%10%

201509103.77122.8294.9392.8598.53124.5989.1094.00121.1296.1520150910%12%9%9%9%11%9%9%11%10%

201510104.45123.7595.4193.2899.47125.4089.5094.36121.8096.8620151010%11%9%9%9%11%9%9%11%10%

201511105.14124.7795.8693.66100.26126.0989.8994.70122.4797.5720151110%11%8%8%9%10%9%8%10%10%

201512105.83125.9596.2794.02100.86126.6390.2695.02123.1298.262015129%11%7%7%9%9%8%7%10%9%

201601106.50127.2596.6394.34101.16127.2190.5095.34123.8198.922016019%11%7%7%8%9%7%6%9%9%

201602107.21128.6197.0294.66101.36127.9790.7395.76124.5699.582016028%12%6%6%7%8%6%5%8%9%

201603107.99130.0197.4794.98101.72129.0691.0796.37125.43100.262016038%12%6%6%6%8%5%5%8%9%

201604108.84131.4498.0195.29102.20130.4591.6497.18126.41100.982016048%12%6%5%6%8%4%5%8%9%

201605109.73132.8598.6095.61102.81131.9692.3398.06127.46101.732016058%12%6%5%7%9%5%5%8%9%

201606110.62134.1699.1895.90103.43133.5292.9998.88128.51102.502016069%12%6%5%7%9%5%6%8%9%

201607111.45135.2999.7296.14104.15135.0093.5699.62129.47103.252016079%12%6%5%7%10%6%6%8%9%

201608112.20136.33100.2296.31104.80136.4594.14100.32130.26103.982016089%12%6%4%7%10%6%7%8%9%

201609112.86137.30100.6896.39105.50137.7594.84101.05130.89104.682016099%12%6%4%7%11%6%7%8%9%

201610113.45138.25101.1396.42106.23138.8295.66101.80131.42105.322016109%12%6%3%7%11%7%8%8%9%

201611113.95139.15101.5596.44106.97139.4596.50102.45131.94105.902016118%12%6%3%7%11%7%8%8%9%

201612114.39140.00101.9496.46107.64139.6997.20102.94132.51106.412016128%11%6%3%7%10%8%8%8%8%

201701114.85140.84102.3396.51108.46139.7597.68103.28133.23106.912017018%11%6%2%7%10%8%8%8%8%

201702115.41141.73102.7696.58109.59140.0697.99103.56134.14107.432017028%10%6%2%8%9%8%8%8%8%

201703116.13142.79103.2696.67110.99140.7398.25103.89135.28108.022017038%10%6%2%9%9%8%8%8%8%

201704117.02144.15103.8096.77112.38141.7598.56104.33136.57108.722017048%10%6%2%10%9%8%7%8%8%

201705118.04145.85104.3596.89113.40142.8499.03104.91137.90109.522017058%10%6%1%10%8%7%7%8%8%

201706119.13147.70104.9197.01114.19143.8799.67105.62139.14110.412017068%10%6%1%10%8%7%7%8%8%

201707120.19149.53105.4597.14114.89144.73100.37106.38140.27111.322017078%11%6%1%10%7%7%7%8%8%

201708121.19151.15105.9997.30115.65145.51100.98107.09141.30112.212017088%11%6%1%10%7%7%7%8%8%

201709122.09152.57106.5197.49116.32146.25101.43107.71142.27113.032017098%11%6%1%10%6%7%7%9%8%

201710122.88153.80107.0197.70116.80146.94101.79108.24143.15113.782017108%11%6%1%10%6%6%6%9%8%

201711123.55154.96107.4897.90117.13147.47102.19108.74143.89114.482017118%11%6%2%9%6%6%6%9%8%

201712124.17156.14107.9598.09117.58147.78102.68109.23144.50115.162017129%12%6%2%9%6%6%6%9%8%

201801124.80157.45108.4498.28118.46147.88103.32109.75145.02115.862018019%12%6%2%9%6%6%6%9%8%

201802125.50158.91108.9798.49119.83147.84104.11110.35145.53116.622018029%12%6%2%9%6%6%7%8%9%

201803126.27160.52109.5398.70121.22147.79105.13111.12146.09117.412018039%12%6%2%9%5%7%7%8%9%

201804127.09162.30110.1098.94122.13147.86106.33112.04146.73118.232018049%13%6%2%9%4%8%7%7%9%

201805127.93164.16110.6699.21122.38148.14107.60113.07147.41119.062018058%13%6%2%8%4%9%8%7%9%

201806128.78166.01111.2199.49122.36148.64108.63113.99148.04119.902018068%12%6%3%7%3%9%8%6%9%

201807129.57167.61111.7399.76122.60149.34109.33114.72148.55120.722018078%12%6%3%7%3%9%8%6%8%

201808130.28168.84112.2299.99123.44149.94109.66115.15148.91121.472018087%12%6%3%7%3%9%8%5%8%

201809130.84169.66112.66100.17124.72150.35109.81115.38149.19122.112018097%11%6%3%7%3%8%7%5%8%

201810131.27170.19113.06100.32126.00150.58109.85115.44149.46122.642018107%11%6%3%8%2%8%7%4%8%

201811131.63170.60113.43100.45127.19150.92109.85115.46149.83123.092018117%10%6%3%9%2%8%6%4%8%

201812132.01171.05113.79100.56128.39151.57109.77115.45150.33123.542018126%10%5%3%9%3%7%6%4%7%

201901132.50171.67114.20100.68129.88152.69109.69115.51151.01124.032019016%9%5%2%10%3%6%5%4%7%

201902133.10172.54114.64100.81131.52154.22109.66115.68151.86124.592019026%9%5%2%10%4%5%5%4%7%

201903133.85173.67115.14100.97133.20155.84109.73115.95152.85125.252019036%8%5%2%10%5%4%4%5%7%

201904134.73175.03115.68101.17134.86157.24109.88116.25153.87126.042019046%8%5%2%10%6%3%4%5%7%

201905135.72176.49116.27101.41136.36158.29110.06116.54154.84126.942019056%8%5%2%11%7%2%3%5%7%

201906136.79177.96116.89101.68137.58159.10110.26116.85155.70127.942019066%7%5%2%12%7%1%3%5%7%

201907137.88179.41117.51101.93138.40159.77110.47117.16156.46128.982019076%7%5%2%13%7%1%2%5%7%

201908138.97180.85118.10102.15138.93160.51110.67117.50157.18130.002019087%7%5%2%13%7%1%2%6%7%

1 The RCA CPPI is based on repeat-sales (RS) transactions that occurred at any time up through the month of the current report.

This September CPPI report provides price indices through August. These indices are estimated using transaction data collected through the month of September.

Because CPPI allows for backward revisions and incorporates any new data we receive subsequent to publishing, full history (from inception to current month) of future indices will reflect adjustments due to additional transaction data.

Commercial Property Price Index

($2.5 M + Market)

Major Markets20012001200120012001200120012001200120012001200120022002200220022002200220022002200220022002200220032003200320032003200320032003200320032003200320042004200420042004200420042004200420042004200420052005200520052005200520052005200520052005200520062006200620062006200620062006200620062006200620072007200720072007200720072007200720072007200720082008200820082008200820082008200820082008200820092009200920092009200920092009200920092009200920102010201020102010201020102010201020102010201020112011201120112011201120112011201120112011201120122012201220122012201220122012201220122012201220132013201320132013201320132013201320132013201320142014201420142014201420142014201420142014201420152015201520152015201520152015201520152015201520162016201620162016201620162016201620162016201620172017201720172017201720172017201720172017201720182018201820182018201820182018201820182018201820192019201966.82725929039089966.99825037464150167.11948150675459667.18241170489230367.18776119215070367.14949732437230567.08842011559990267.02700179453350466.97861761648229666.94612241269639766.921360792065366.90467854041089966.91487226655080266.97474602483990267.10014712244499467.28616148522949967.52634334411979567.81331044736759868.14310915945340268.50911544654259468.89986997751030669.302521163169869.71919191842960170.15217512134570770.60898369279040371.06868529927319971.50613763553539671.90523342425849872.26188151174540172.58350082401010272.87390677955420473.15510332583259973.44600414679850173.74829922949210574.05575926859090474.36555810001389974.71125731306909875.12656448462119875.63969202749669376.25550004748470276.96850850889489977.78003225033100478.685733796581879.66241057148469980.67518419193629681.68669776629950382.68427389229489783.65770149852480184.60433774575730685.50734124505450586.39134148527820487.28912476168760388.23386531695250389.23453331653590290.29411459989539491.39502051654609792.47545123600819793.47121319728640394.33479284135040695.07398833269100295.72222286593090296.333881428230296.90238714186800597.38987445274500597.77675591090070498.08893150344900498.335207201163298.54433412070869798.76346516251939599.06063248738570399.473170914522598100100.659587786608101.425361032034102.25313423550401103.066864374567103.790287895451104.331952787139104.573135772348104.445594190565103.940386302633103.173554050487102.276324418165101.385270329192100.55407666040299.74674378533950498.87917947541879597.87155392322350296.70683371934940595.42648648448310794.073262387130192.67582704328360491.19796142851930789.59708322017810687.83801297877140385.94161025918789783.95024345220410681.91786842740910479.88955357985709377.89088457630620675.94954738930219774.09919329770279772.37871404419860370.83042702008549469.480561690312368.33847116297739967.38936993421880666.60279879940165.95598559944059565.42492109236249665.00571492481169964.69397112457190264.49398648606499864.38876632706360764.36662010323969764.42175920654709464.55459704656780764.75020736945630564.97862844425199665.21555912785289965.43332770969209465.62361828415879565.78224623929929765.92960743053099366.08547281149479666.27660007668029666.53542778037619666.87495193395849967.28647030548199867.73189406891600668.17105831144959968.57725098657469768.94470981035999669.27771040325339469.594656310958369.91391436448580570.26618287164619470.67400153796880671.13363990954340571.63329528891199572.16042519037789372.70420840109750373.24040680822790373.74229542404340574.21655365846399474.68701447081770175.18189820938590675.71623423276409476.29304756444990776.90458532354139777.53646206740019478.18982888745820578.856225098959379.52719115594840180.18209788185690580.82660424696770581.47161786818800582.13254502143260582.81076965656380783.51568166856850484.25023259132029885.00520125091880285.767966705239886.53917822272009687.33973444047070788.18690426979850489.07359188352229889.96802732681919790.82867810011970391.62390280974220592.34135720356729892.99482519492660593.60868845809210494.20889954953649794.821881145597795.46918119251689996.15351356803429996.86097327728900697.56602715607100298.25775320448279698.92375050479850599.584170298076401100.263088718118100.982223329291101.734914354802102.49671410645701103.249683190149103.98075050462499104.67813611926501105.321712176232105.89635858076301106.41365286473101106.90854542640599107.43099447243701108.021150965895108.715536712562109.518444082624110.40709669008901111.323513229515112.208882848022113.030217321474113.781804626831114.47977798279599115.157206383391115.8622314701116.61571623516301117.413623049507118.232404431438119.064221556612119.90136957995701120.717127421553121.47012826506122.113874658143122.639072963147123.093782482143123.536479550034124.025689376633124.590103702012125.25472760091Non-Major Markets200120012001200120012001200120012001200120012001200220022002200220022002200220022002200220022002200320032003200320032003200320032003200320032003200420042004200420042004200420042004200420042004200520052005200520052005200520052005200520052005200620062006200620062006200620062006200620062006200720072007200720072007200720072007200720072007200820082008200820082008200820082008200820082008200920092009200920092009200920092009200920092009201020102010201020102010201020102010201020102010201120112011201120112011201120112011201120112011201220122012201220122012201220122012201220122012201320132013201320132013201320132013201320132013201420142014201420142014201420142014201420142014201520152015201520152015201520152015201520152015201620162016201620162016201620162016201620162016201720172017201720172017201720172017201720172017201820182018201820182018201820182018201820182018201920192019000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000Apartment63.58075073256880264.10949060594710164.59671642072410765.00025199913309865.29042670098600465.471175765452565.57954181609950765.64899288997530465.70898621352820665.77478536682640765.84899491823199565.93562305959260166.04369652037419866.18991805042439666.38332009320309666.63070896588959666.961153889355667.40499543081999467.97084430675279568.62271086454329369.29343971127309569.93225681173909470.53031261596279971.09531439603850371.63198124169929372.11435380621890172.54631770142410172.94191168026360173.30742412327809673.62361722424640273.87770004263549674.06750029675899374.19820050017810374.27967984387700574.33725669246149474.41832604639090274.57886955544199774.89806300898689575.43544703954839376.21946951406809577.20428972214500678.32638207879409779.50394514824229580.69221497425650181.836061099093382.88057042940219883.78845110207670684.56718393362629685.295464771336186.04164074898180686.86086737427589887.77327184008520188.78325431199330489.94021731720620591.27244808347140392.75240707312609394.22778234361349895.531417426920296.53437430908340497.21492188825439597.65121816175999997.95971454793810698.17496807244080598.21539560850979598.07192982308529897.84133097198579897.67544980194399897.72257952316330498.04328066558790198.62895132822349499.330630281218205100100.56248206454499101.034680548945101.46198761661699101.910501829328102.31907410447501102.57121764355399102.547862208051102.26683901537901101.805121431457101.214177770253100.593231728341100.04998543249399.60943692546000299.17529789333259898.66246215725540598.06026378457400597.45223704903010396.80954093243430296.06190558998450595.075239799008693.80046379253070792.25892948004749990.53067109506029988.70598002644500586.87170292690400785.03681312840529983.20561752190900581.35941467147669979.51212379569429377.71862731853090676.04127443356999574.55278468864899873.30637945698019672.31854548981010671.58700361162250771.06097042784439670.70082394836730170.47235520560990170.37158993618210470.383769730596170.51096051696210170.74462615594740171.11070285116780171.62870469557640372.28802450582479473.03039479724890373.76840368298159974.44759469795039375.04729130462020275.584619671439176.11696929887189476.72419499430729777.44425324557340778.25307560669109879.12458994997049980.017214873954780.90071820350550581.71218902405429782.41328661302810682.99333577645670383.45234666549839683.86164788402879884.28906680699239584.80549079958039785.42704616131349886.15413103043890487.00657073048590588.03465918772630589.24868378569719690.55653369345969891.77190854824149892.751847457148593.51350546479599894.10585865259394.59880713261520795.00906192995809495.40488327328979895.80520584685299996.26081521218739696.81490429275109597.55517100865830698.48135422045210499.521766500222796100.586051381058101.60188440840901102.57536089515401103.49537118422801104.415690376941105.401588394417106.496574041366107.658508929485108.85372449175701110.019676083712111.13951616459001112.172180990738113.184333081378114.20941913063115.229548316101116.249962604253117.342450299913118.532946117119119.751433179421120.88364410328499121.898144558246122.82254773406299123.751264190009124.773943202315125.952440180271127.251044396173128.609035842233130.00788700141601131.436194486441132.85400951678301134.15891202454401135.29328553962199136.32540307432799137.30417998102601138.25331874392501139.14551408646801139.99687267044499140.84005371836141.73093965161601142.78647311750299144.14892159394401145.84662827712401147.70171633964301149.52813660603101151.15035881073899152.568921221842153.80219922277399154.95718587138899156.14276113913701157.44752764245001158.906355816977160.51637386419799162.29513986633901164.16325809578001166.01213757390201167.60741679814299168.838542808195169.664746361955170.19425057548699170.60141605087799171.046030017475171.66613367668401172.537949097866173.67372601350499

Commercial Property Price Index by Property Type ($2.5 M + Market)

Core Commercial20012001200120012001200120012001200120012001200120022002200220022002200220022002200220022002200220032003200320032003200320032003200320032003200320042004200420042004200420042004200420042004200420052005200520052005200520052005200520052005200520062006200620062006200620062006200620062006200620072007200720072007200720072007200720072007200720082008200820082008200820082008200820082008200820092009200920092009200920092009200920092009200920102010201020102010201020102010201020102010201020112011201120112011201120112011201120112011201120122012201220122012201220122012201220122012201220132013201320132013201320132013201320132013201320142014201420142014201420142014201420142014201420152015201520152015201520152015201520152015201520162016201620162016201620162016201620162016201620172017201720172017201720172017201720172017201720182018201820182018201820182018201820182018201820192019201967.74176199005289367.92561065771360568.03004744017789668.05653705067280268.00580160843860367.87498868952849367.67531530033279867.42664512729270167.14870947438839766.85520506400300266.55701436018439766.27788011888040466.04890335149680465.89931179535180765.84013502400989665.86774278967560365.97697697649360366.16393301965780466.42019041328190166.74020196487829567.11443447920240167.52609145944809767.96223492999359968.42560065898780468.92193877467559669.43508334914109569.92556899981259770.37700986861300170.78334562007809471.15853010082439371.52135462914570571.90885154408330572.33527861819649772.78155203571390173.20472486563549873.59339000635910173.98568006501720674.435148658898174.96966029036910675.56849262492829776.21234923613019476.901214197206477.65262368003919878.451154689576179.27392331454109480.09881399775700680.94031003910160481.80242933141390482.68462200137149483.53859150467569384.36385260507529485.21131371244699486.15294445094660687.17634705454449388.23727998277800689.28258344910979490.317927347183391.31731380307429992.26875051090080193.18128580615180694.070407613547894.95422233969310495.80137552376659596.58331833345199997.31176799194099797.96722900729500398.49754827280540398.84974070971780799.07242275241570499.26902709866800599.552195978143402100100.703689047285101.62544243953102.670628310108103.69469603728901104.679917651954105.641846084061106.472285919637107.01235967120699107.06335669593599106.66527466250599105.902020832704104.950587187854103.945974005114102.981552574356102.044988586968101.05969902391299.91729870003159498.64293561878000197.31019303794670396.00236356437760394.68083318633459693.26194852081509691.68228332869550589.94385631533670388.07365783587539586.11227744220930484.10824979941719482.10151323571520380.15076866498820678.30669717443559876.62952349186109375.16586349994010273.92664741864750572.87268807172910171.94627592435010471.106175096667370.35490295197749369.70435125306039569.16838971101080368.74773535994120368.44017082021430668.22790030906429668.08373128541460167.983648409154167.91211727755289567.871814210709967.865605981895267.89857699181669767.96022823429059768.032657232011868.10644132690720268.18875894458689468.31320940425089868.49988280114300268.77526933429480569.12733561223450469.52520176144010169.90871869912059870.23393543911670670.50272770730579570.75110844093839570.99117643267510471.21082713517380171.37713718112060271.48941605092809971.57457450706370171.63689517718890471.69638146266460471.77323035785080771.90524211728529772.10705496341719872.37817497739220672.72458255987859873.17045590842930473.73914283209499874.45062493577279475.28862282774049776.22112374760719477.17822214148560578.11821510006329678.98378502516860179.75656159827080780.42728379273179981.03235567079150381.61550139843970482.20990605444849682.82606657328250383.47590426788750184.15333774642590584.84367229410300185.53277327373909686.21399645632010386.92646592599780387.71043207233590588.60177201056100789.56902081390799790.53649242631189591.41685015754829692.16424187748360592.77784867726039493.27528453205209893.68347030193079794.05817241959640394.46769796864589494.927570153651895.41055297792260695.86316540034050696.26686851641480396.63199079169649597.01686980607510797.47424432471970698.01410420922640398.59823316684899999.17591528219989599.717490831100903100.216195668946100.683019956926101.127571986676101.545420915306101.93677977382499102.33063341657102.764904034146103.260237679467103.800057606735104.35341034949499104.90604577852601105.45359979478105.992374037095106.51446688076901107.00880322392899107.47910804274299107.946293099157108.43891547675108.970999538153109.529888925853110.097803977043110.66242253849001111.211158236893111.73427126454899112.218929241596112.663988848088113.058483530085113.426581673163113.79180918713401114.19615696394099114.643905629926115.139832784879Industrial2001200120012001200120012001200120012001200120012002200220022002200220022002200220022002200220022003200320032003200320032003200320032003200320032004200420042004200420042004200420042004200420042005200520052005200520052005200520052005200520052006200620062006200620062006200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