US commercial property prices continued declining in August 2009, according to the latest Moody’s/REAL Commercial Property Price Index.
In particular, the National All Property Types Aggregate Index that presents aggregate performance for all property types (apartments, industrial, office and retail) posted a monthly drop of 3% in August. These represents deceleration of the rate of decline compared to July when commercial property prices dropped 5.1%.
On an annual basis, US commercial property prices were 32.8% down, while on a 24-month basis they were down 40.3%.
According to Real Capital Analytics data there were 377 transactions in August totaling nearly $4.8 billion. In July transaction volume totaled $3.6 billion from slightly more than 300 sales.
The latest report released by Moody's presents also quarterly price index data as of Q2 2009 by property type. According to this data, all commercial property types but office posted significant quarterly price declines.
Industrial property prices posted the largest quarterly decline of -20.4% in Q2 2009, while retail property prices posted the smallest decline of -7.9%. Apartment property prices posted a double-digit quarterly decline of -16.3%.
Office property outperformed all commercial property types tracked by the index as it posted a quarterly price increase of 4.1%.
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Return from US Commercial Property Prices August 2009 to Market Watch
