U.S. commercial property values have been nothing if not consistent in the past half decade, steadily ticking upward.

Real estate research firm Green Street Advisors reported that commercial property values in March were 11% above March 2014, and unchanged from February. In all, values have now risen 87% since they bottomed out in 2009, and more than 14% from the prior peak in 2007, according to Green Street's index.

Looking ahead, many expect more growth unless something should change with the broader economy. Given the low-interest rate environment and "debt capital that is freely available,"  said Peter Rothemund, an analyst at Green Street, "you have a recipe for further property appreciation."

The downtown apartment market is hot, but the suburban market is hotter. 

At least it was in the first quarter, when the median net suburban rent rose to a record $1.32 per square foot, up 7 percent from a year earlier, according to Appraisal Research Counselors, a Chicago-based consulting firm. It was the biggest year-over-year rent increase in the suburbs since 2006.

Suburban landlords have gained pricing power as their buildings have filled up. The suburban apartment occupancy rate rose to 96.3 percent in the first quarter, up from 95.4 percent a year earlier and the highest level since 2007, according to Appraisal Research.

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