PRESS RELEASE

CCRSI RELEASE – September 2026
(With data through August 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 August 2026. Based on 1,534 repeat sale pairs in August 2026 and more than 353,501 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 DIVERGED IN AUGUST 2026. The value-weighted U.S. Composite Index, which is more heavily influenced by high-value trades common in core markets, declined 1.3% from July to 236, the fifth consecutive month of declines. The index fell 4% over the prior quarter and was 1.4% lower than August 2025.
• Meanwhile, the equal-weighted U.S. Composite Index, which reflects the more numerous but lower-priced property sales typical of secondary and tertiary markets, increased 1.4% from July to 318, the first positive month-over-month increase since March 2026. The equal-weighted index rose 1.2% over the prior quarter and was 2.2% higher than August 2025.
• Equal-weighted prices were 0.5% below the previous all-time high in March 2026 while the value-weighted index sat 19.4% below its July 2022 all-time high.

• GENERAL COMMERCIAL PRICES ROSE IN AUGUST 2026. The equal-weighted general commercial index, heavily influenced by the more numerous but lower-value trades, increased 1.4% from July, rose 1.1% over the prior quarter, and was 2.8% higher than August 2025.
• The investment grade sub-index, more heavily influenced by higher-value assets, fell 1.4% in August to 236 from the prior month, was unchanged from the prior quarter, and was 1.6% lower than August 2025, marking the first year-over-year decline since March 2026.

• TRANSACTION COUNTS DURING THE 12 MONTHS ENDING AUGUST 2026 ROSE 12.3% COMPARED TO THE SAME PERIOD IN 2025. However, the number of repeat sales in August 2026 declined 8.6% compared to the same period in the prior year to 1,534 trades, producing $11.3 billion of total consideration. Sales volume fell 10.3% in August 2026 compared to August 2025. Investment grade transaction volume declined 10.9% to $6.5 billion in August 2026 compared to August 2025, while the general commercial segment fell 9.3% to $4.7 billion in August 2026 compared to August 2025.
• Composite pair volume of $161 billion during the 12 months ending in August 2026 was 17.2% higher than the 12-month period that ended in August 2025. The increase was more prominent in the general commercial segment, which rose 18.6% over the 12 months ending in August 2026 compared to the same period ending in August 2025. The general commercial segment accounted for 42% of the 12-month transaction volume. The investment grade segment, which accounted for 58% of the 12-month transaction volume, increased 16.3% during the 12 months ending August 2026.

• DISTRESSED SALES IN AUGUST FELL BELOW THE 2026 AVERAGE. Among repeat sales in August 2026, 45 of the 1,534 trades, or 2.9%, were distressed. 22 investment grade distressed pairs comprised 9% of the 244 repeat sales, while the general commercial cohort saw 23, or 1.8%, distressed trades out of the 1,290 repeat sales. 

• QUARTERLY DELIVERIES ENDING SEPTEMBER 2026 ARE PROJECTED TO FALL 63% COMPARED TO THE CURRENT CYCLE PEAK RECORDED IN THE FOURTH QUARTER 2023. Deliveries across the three major property types, office, retail, and industrial, are projected to reach 482 million SF in the 12 months ending September 2026, 19.5% lower than the same period in 2025. 83% of the space delivered in the prior 12 months, or 400 million SF, was of investment-grade quality.
• Deliveries are projected to add 0.1% to the total inventory as a percentage of total stock in the quarter ending in September 2026, with investment-grade deliveries at 0.2% of stock and general commercial deliveries at less than 0.1%.
• THIRD QUARTER 2026 DEMAND IS PROJECTED TO BE SLIGHTLY NEGATIVE. Net absorption is projected to give back 2.7 million SF in the 12 months ending September 2026. Demand is expected to return 8.1 million SF of investment grade space while absorbing a positive 5.3 million SF among the general commercial segment.
• Net absorption is projected to lose 2.9 million SF in the quarter ending September 2026. Both investment grade and general commercial segments are expected to be in negative in nearly equal measure in the quarter ending August 2026.

About the CoStar Commercial Repeat-Sale Indices

The CoStar Commercial Repeat-Sale Indices (CCRSI) is the most comprehensive and accurate measure of commercial real estate prices in the United States. In addition to the national Composite Index (presented in equal-weighted and value-weighted versions), national Investment-Grade Index, and national General Commercial Index, which we report monthly, we report quarterly on 30 sub-indices in the CoStar index family. 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, which is widely considered the most accurate measure of price changes for real estate. This methodology measures the movement in the prices of commercial properties by collecting data on actual transaction prices. A sales pair is created when a property is sold more than once. 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 create a price index.

MEDIA CONTACT:

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

For more information about the CCRSI Indices, including the full 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; Zonda, a leading provider of data, analytics, software, and marketplace solutions for the residential construction industry; 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 118 million average monthly unique visitors in the second 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 or beliefs 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 quarterly deliveries across the office, retail, and industrial sectors will not decline as projected and demand will be weaker than forecast. 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 Forms 10-Q for the quarterly periods ended March 31, 2026, June 30, 2026, and September 30, 2025, 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.