Commercial real estate prices have bounced back following the global financial crisis. According to the Moody’s/RCA Commercial Property Price Indices National All-Property Composite Index, real estate prices are now 10 percent higher than the pre-crisis peak in November 2007. The rise is fueled by transactions in major markets, where prices exceed their pre-crisis peak by 25 percent. Secondary market prices are still 4 percent below their pre-crisis peak.

In the past 12 months, the All-Property Composite Index has recorded a 16.3 percent gain in property prices, with a 1.6 percent rise in April. While apartment prices have been on a tear since the financial crisis, up 27.6 percent from their pre-crisis peak, the pace seems to be slowing. The apartment component increased 0.5 percent in April, while core commercial property prices increased 2.0 percent.