19 July 2010
The Wall Street Journal
In another sign the national commercial property market is on the mend from a brutal downturn, U.S. commercial real estate prices increased 3.6% in May, the second consecutive monthly increase, as measured by Moody’s/REAL Commercial Property Price Indices CPPI. Commercial real estate prices in April rose 1.7%.
“We expect commercial real estate prices to remain choppy in the coming months,” said Moody’s Managing Director Nick Levidy in a release Monday. “The positive news of increasing prices over the past two months is tempered by low transaction volumes, forecasts for slowing macroeconomic growth and the rising risk of a double dip recession.”
Nationwide, prices are currently 38.9% below their peak in October 2007 and have come back 8.6% from their October 2009 low, says Moody’s. Prices are down 6.3% over the past year and down 33.% over the past two years.
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