Columbia CompStak (CCRI) Rent Index National Update: June 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 June 15, 2026.

See the live data on columbiacompstak.com.

Constant-Quality Net Effective Rent Indices

Nationally, office effective rent growth has been rebounding over the past year, but the positive momentum stalled in April. Industrial 1Y rent growth is +3.3% nationally, but has strengthened recently. Retail was the strongest performer in April with 4.8% growth.

Manhattan Office NER growth is up 18.47% over the year to 2026.Q1, vastly outpacing quarterly national office index growth of 3.71% over the same period. The 10.91% QoQ growth rate in 2026.Q1 was very strong. Since ours is a constant-quality index, this is genuine repricing of office space, not a composition shift toward trophy buildings. All components of effective rent contributed: starting rents grew, and concessions (TI and free rent) fell.

Constant-Quality NER Index Growth Across MSAs

Office: Houston (+25.9%), Atlanta (15%), and New York (14.5%) MSAs lead office rent growth over the year to 2026.Q1. Boston (−6.5%), Chicago (−7.2%), and Austin (−8.7%) lag. The national Office index registered +3.71% over the same period. Markets anchored by energy, finance, and in-person industries lead the recovery, while those that absorbed outsized pandemic-era migration and tech-driven leasing demand are now correcting.

Retail: Washington (+20.5%), San Francisco (18.2%), and Boston (12.6%) lead retail rent growth over the year to 2026.Q1. Phoenix (−18.6%), San Jose (−21.2%), and Detroit (−23.3%) show struggle. The national retail index registered a −1.84% over the same period, and estimated quarterly. The national retail index masks significant dispersion of performance in high volume markets, with a 44-point spread between the best and worst performers displayed above.

Industrial: Charlotte (+17.7%), Washington (14.2%), and Miami (10.1%) lead industrial rent growth over the year to 2026.Q1. Boston (−9%), Baltimore (−12%), and Seattle (−30.6%) show struggle. The national industrial index registered a +0.24% over the same period, and estimated quarterly. Outside of Seattle, MSA-level swings are somewhat more contained than in retail.

Overall, there is notable variation across property types even within the same metro. For example, while Houston and Atlanta lead in Office, they contract and stagnate respectively in Industrial. Conversely, while Boston and Chicago lag in Office, both post positive Retail growth.

See the live data on columbiacompstak.com.