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Data: Green Street Advisors; Chart: Axios Visuals

The latest reading of the Green Street Commercial Property Price Index fell in January for the first time since March 2019. Prices had held steady over the previous three months and have risen just 2.1% in the last 12 months.

Why it matters: The data suggest price increases in commercial real estate have hit a standstill.

What it means: The index measures pricing of U.S. commercial properties at the current negotiated and contracted prices. January's 0.5% fall was driven by lower mall values. Pricing of other property types was unchanged, Green Street said in a release.

  • Mall pricing declined 5% from December and has fallen by 15% over the past 12 months, dragging the overall index.

The big picture: Increases in other segments of the market also have been unimpressive. With the exception of apartment (6%), industrial (13%), and manufactured home park (16%) — which collectively make up just 17.5% of the total index — no category of commercial real estate has seen even a 5% price increase over the last 12 months, Green Street's data show.

Flashback: Last month, Fed data showed U.S. commercial and industrial loans had the largest drop in nearly three years, and the total amount of C&I loans declined to levels last seen in May.

  • That data sparked worries that the woes in the manufacturing sector could be hurting the broader market.

Go deeper: Boom times expected for U.S. commercial real estate

Go deeper

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.