Commercial property prices in the West dropped more than 8% in Q2 2009, according to the latest Moody’s/Real Commercial Property Price Index.
In particular, according to the latest Moody's report which presents quarterly price index results as of Q2 2009 only for the West, all commercial property types registered sizable quarterly declines.
On a quarterly basis, the worst performers were office and industrial, which posted declines of -15.4% and -15.1%, respectively, compared to the previous quarter.
Apartments and retail properties in the West posted considerably lower declines in Q2 2009 and particularly -9% and 8.9%, respectively.
Year-over-year declines in commercial real estate prices in the West as of Q2 2009 were higher, especially in the case of office. Office was by far the worst performer with a year-over-year drop of -31.2%.
The "best" performing property type in the West was Apartments as it posted the smallest year-over-year decline of -12.5%. Retail and Industrial posted year-over-year declines of -15.1% and -17.8%, respectively.
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