August 19, 2009
Moody’s/REAL has issued its August update of the Commercial Property Price Index (CPPI). Not surprisingly, the decline continues. A drop of 1% was recorded month-over-month, 26.9% year-over-year, and 33.9% below that of two years ago.
The Index peaked in October of 2007, and since then we are off 35.5%. In the West, the largest quarterly decline was recorded in the Office (-15.4%) and Industrial (-15.1%) sectors, with office off 31.2% year-over-year.
The only bright spot was that nationally, office prices saw a 4.1% increase in the second quarter.
On the volume side:
Overall market transaction volume saw an uptick in June as compared to May. 87 repeat sales transactions totaling $1.1 billion were used in calculating the index, representing an almost 50% increase in the number of repeat sales transactions recorded in May and nearly two and a half times the total dollar volume measured in May.
The full report can be downloaded here.
- Moody’s Commercial Property Price Index Posts Large Declines
- Decline Continues in Moody’s/REAL Commercial Real Estate Index: April Down 8.6%
- Moody’s Commercial Property Price Index Falls Again
- Green Street Advisors: CRE Prices Up 10%
- Downward Spiral in Commercial Real Estate Prices Continues