Columbia CompStak (CCRI) National Update: April 15, 2026

Commercial real estate rent data is only as useful as the methodology behind it. That’s why CompStak partnered with Columbia Business School faculty to build the Columbia CompStak Rent Index (CCRI), the first quality-adjusted CRE rent index tracking constant-quality net effective rents across U.S. office, retail, and industrial markets, both nationally and across major MSAs.

Unlike traditional rent benchmarks that track asking rents or simple averages, the CCRI controls for quality mix and incorporates concessions, giving investors, lenders, occupiers, and capital allocators a cleaner read on where rents are actually moving. Each month, CompStak publishes a national update powered by its database of verified lease transactions, one of the largest and most comprehensive in commercial real estate.

Below is a breakdown of what the latest data shows across all three property sectors at the national level, as of April 15, 2026.

Constant-Quality Net Effective Rent Indices

Industrial rents continue to outpace Office and Retail, as they have done over the past 10 years, reflecting sustained logistics demand. Office and Retail show flattening post-2020, without clear direction over the past year.

Manhattan Office has finally surpassed its pre-COVID rent peak, with the index up 8.34% over the year to 2025. Q4 and 9.23% over the past 10 years.

Constant-Quality NER Index Growth Across MSAs

Office: Charlotte (+32.3%), Baltimore (+22.9%), and Chicago (+21.3%) lead office rent growth over the year to 2025.Q4, while coastal markets show divergence — New York posts healthy gains (+11.8%) but San Francisco (−5.7%), Miami (−7.2%), and Seattle (−7.5%) continue to struggle, likely reflecting persistent remote work headwinds. The national Office index registered a +5.73% over the same period, with strong performers offsetting weakness in coastal MSAs.

Retail: Atlanta stands out with +86.2% rent growth on relatively thin volume, accompanied by other top performers like Detroit (+39.8%) and Los Angeles (+35.0%). Houston (−20.4%), Phoenix (−10.8%), and New York (−9.0%) show the biggest declines. The national Retail index registered +4.73% NER growth over the same period.

Industrial: Industrial growth is more compressed across markets compared to Office and Retail, with Boston leading with +12.9% rent growth and Charlotte declining the most at −17.7%. The national Industrial index posted −0.43% over the year to 2025.Q4, showing that, in aggregate, the industrial real estate boom is over.

See the live data on columbiacompstak.com.