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Expand chart
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

Trump bump: NYT and WaPo digital subscriptions tripled since 2016

Data: Axios reporting and public filings; Chart: Axios Visuals

The New York Times and The Washington Post have very different strategies for building the subscription news company of the future.

The big picture: Sources tell Axios that the Post is nearing 3 million digital subscribers, a 50% year-over-year growth in subscriptions and more than 3x the number of digital-only subscribers it had in 2016. The New York Times now has more than 6 million digital-only subscribers, nearly 3x its number from 2016.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Biden's emerging climate orbit

Photo illustration: Aïda Amer/Axios. Photo: Win McNamee/Getty Images

As of Tuesday morning, we know a lot more about President-elect Joe Biden climate personnel orbit, even as picks for agencies like EPA and DOE are outstanding, so here are a few early conclusions.

Why it matters: They're the highest-level names yet announced who will have a role in what Biden is promising will be a far-reaching climate and energy agenda.

Janet Yellen is back

Photo illustration: Sarah Grillo/Axios. Photo: Hannelore Foerster/Getty Images

A face familiar to Wall Street is back as a central player that this time will need to steer the country out of a deep economic crisis.

Driving the news: President-elect Joe Biden is preparing to nominate former Fed chair Janet Yellen to be Treasury secretary.