The headline rate of U.S. commercial real estate price growth eased from all-time highs in March. The RCA CPPI National All-Property Index increased 17.4% from a year ago, down from the record 19.3% rate seen at the start of 2022, the latest RCA CPPI: US report shows. The index slipped 0.4% in March from February.

Retail price growth decelerated in March. The index rose 16.3% from a year earlier, a slowing from the pace seen in recent months. The index dropped 0.7% in March from February, the first month-over-month drop for retail since 2020.

Apartment prices posted a 22.4% increase in March from a year prior, close to the annual growth rates seen earlier in 2022. The apartment index rose 1.1% from February, the second-highest monthly rate for the property sector behind the industrial series. The industrial index jumped 30.1% from a year ago, extending its record pace of price growth.

Suburban office properties posted a 9.3% year-over-year increase in March. CBD office prices, which had been falling much of 2021, rose 7.5% year-over-year. The spread between suburban office and CBD office growth has narrowed since its peak in Q3 2021, as suburban office price increases have weakened and CBD prices have strengthened.