PRESS RELEASE

CCRSI RELEASE – June 2026
(With data through May 2026)

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This month's CoStar Commercial Repeat Sale Indices (CCRSI) provides the market's first look at commercial real estate pricing trends through May 2026. Based on 1,355 repeat sale pairs in May 2026 and 347,293 repeat sales since 1996, the CCRSI offers the broadest measure of commercial real estate repeat sales activity.
 

CCRSI National Results Highlights

• U.S. COMPOSITE PRICE INDICES DECLINED IN MAY 2026. The value-weighted U.S. Composite Index, more heavily influenced by high-value trades common in core markets, fell to 245, 0.6% lower than the prior month, marking the second consecutive monthly decrease. The index declined 1.5% over the prior quarter but was up 5.5% during the 12 months ending May 2026.
• Meanwhile, the equal-weighted U.S. composite index, which reflects the more numerous but lower-priced property sales typical of secondary and tertiary markets, fell 1.3% to 314 in May 2026 compared to the prior month. The index declined 1.2% below the prior quarter but was 1.3% higher than May 2025.
• Equal-weighted prices were 1.9% below the previous all-time high in March 2026 while the value-weighted index stood 16.4% below its July 2022 all-time high.

• EQUAL-WEIGHTED REPEAT SALE PRICES FELL IN MAY 2026. The general commercial sub-index, heavily influenced by the more numerous but lower-value trades, declined 0.6% to 331 compared to the prior month in May 2026, the second consecutive month of price declines. The general commercial cohort saw values rise 1.3% in the 12 months ending May 2026.
• The investment grade sub-index, more heavily influenced by higher-value assets, fell to 236 in May 2026, decreasing 1.4% below the prior month. However, the investment grade cohort rose 5.2% over the 12 months ending May 2026, the second consecutive year-over-year increase.

• TRANSACTION COUNTS FELL 20.0% IN MAY COMPARED TO A YEAR AGO. The number of repeat sales declined 20.3% compared to the prior month to 1,355 trades, producing $8.6 billion of total consideration in May 2026. Sales volume, in total consideration traded, fell 30.4% month over month in May 2026 after a rapid start to the year that saw $12.8 billion trade in March. Investment grade transaction volume declined 38.3% in May 2026 to $4.4 billion, while the general commercial segment fell 19.2% to $4.2 billion, when compared to the prior month.
• Composite pair volume of $153 billion during the 12 months ending in May 2026 was 15.9% higher than the 12-month period that ended in May 2025. The increase was more prominent in the general commercial segment, which rose 18.9% over the 12 months ending in May 2026 compared to the same period ending in May 2025. The general commercial segment accounted for 48.4% of the 12-month transaction volume. The investment grade segment, which accounted for 51.6% of the 12-month transaction volume, increased 13.9% during the 12 months ending May 2026.

• DISTRESSED SALES REMAINS SUBDUED. Among repeat sales in May 2026, 25 of the 1,355 trades, or 1.9%, were distressed. 8 investment grade distressed pairs comprised 3.9% of the 207 repeat sales, while the general commercial cohort posted 17, or 1.5%, distressed trades out of the 1,148 repeat sales.

• QUARTERLY DELIVERIES ARE PROJECTED TO FALL TO THE LOWEST LEVEL SINCE 2011. Deliveries across the three major property types, office, retail, and industrial, are projected to reach 466 million SF in the 12 months ending June 2026, 24.8% lower than the same period in 2025. Nearly 83% of the space delivered in the prior 12 months, or 385 million SF, was of investment-grade quality. In the second quarter of 2026, total deliveries are expected to fall to 72.1 million SF.
• Deliveries are projected to hit 0.1% of the total inventory as a percentage of total stock in the quarter ending in June 2026, with investment-grade deliveries at 0.2% of stock and general commercial deliveries at less than 0.1%.
• SECOND QUARTER 2026 DEMAND WAS NEGATIVE. Net absorption is projected to give back 37.6 million SF in the 12 months ending June 2026. Demand fell in both the investment grade and general commercial segments by giving back 25.4 million SF and 12.2 million SF during the prior 12 months respectively.
• Net absorption is projected to lose 3.7 million SF in the quarter ending June 2026. Both investment grade and general commercial segments are in negative territory in nearly equal measure in the quarter ending June 2026.

About The CoStar Commercial Repeat-Sale Indices

The CoStar Commercial Repeat-Sale Indices (CCRSI) are the most comprehensive and accurate measures of commercial real estate prices in the United States. In addition to the national Composite Index (presented in both equal-weighted and value-weighted versions), national Investment-Grade Index, and national General Commercial Index, which are reported monthly, 30 sub-indices in the CoStar index family are reported quarterly. The sub-indices include breakdowns by property sector (office, industrial, retail, multifamily, hospitality, and land), by region of the country (Northeast, South, Midwest, and West), by transaction size and quality (general commercial, investment-grade), and by market size (composite index of the prime market areas in the country). The CoStar indices are constructed using a repeat-sales methodology, widely considered the most accurate measure of real estate price changes. This methodology measures movements in commercial property prices by collecting data on actual transaction prices. When a property is sold more than once, a sales pair is created. The prices from the first and second sales are then used to calculate the property’s price movement. The aggregated price changes from all the sales pairs are used to create a price index. Historical price indices are revised as new data is recorded.

MEDIA CONTACT:

Matthew Blocher, Vice President, CoStar Group Corporate Marketing & Communications (mblocher@costar.com).

For more information about the CCRSI Indices, including the complete accompanying data set and research methodology, legal notices and disclaimer, please visit http://costargroup.com/costar-news/ccrsi.

ABOUT COSTAR GROUP

CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group’s websites attracted over 131 million average monthly unique visitors in the first quarter of 2026, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com

This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that the trends represented or implied by the indices will not continue or produce the results suggested by such trends, including trends related to commercial real estate fundamentals, price growth and liquidity measures; and the risk that transaction volume, investor demand, market supply, and commercial real estate pricing levels and growth will not continue at the levels or with the trends indicated in this release. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2025, and CoStar’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.