RCA Insights

Chart: US Monthly Volume and Pricing Trends by Sector

By on December 30th, 2019

Investors have been ramping up activity in the U.S. apartment and industrial sectors over the last five years while moving away from the retail sector.

The pivot towards the apartment sector has been longer standing, with monthly volume trends on a steady upswing since 2013, aside from some period-to-period noise. Growth in the RCA CPPI for the apartment sector has also been more steady – never dipping below 6% year-over-year increases – even as other sectors have swung rapidly from single- to double-digit growth and vice versa.

The move towards the industrial sector is more recent: the strongest increase in acquisition activity has been over the last two years. In November 2019, industrial deal volume touched $26.3 billion, thanks to outsize portfolio activity.

These charts first appeared in The Big Picture report of US Capital Trends, published December 18. The 2019 year in review edition of US Capital Trends — which includes rankings of the top U.S. brokers, buyers and sellers, and deals of 2019 — will be published January 22.

Also on RCA Insights:

US Price Growth Accelerates Into Year-End: RCA CPPI

2019 Is Almost Over. How Does It Measure Up?

Jim Costello

Jim Costello

Executive Director, MSCI Research
jim.costello@msci.com

Jim is chief economist on the MSCI real estate research team and is based in New York. He previously led the U.S. research team at Real Capital Analytics, which MSCI acquired in 2021, and spent two decades at Torto Wheaton Research, working in urban economics. He is the lead author of the US Capital Trends publication and a frequent speaker at commercial real estate conferences. Jim holds a master’s degree in economics and is a member of the Commercial Board of Governors of the Mortgage Bankers Association.