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New York

U.S. commercial real estate prices rise in May

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U.S. commercial real estate prices rose 3.6 percent in May, the second straight monthly increase after a 1.7 percent rise in April, according to Moody’s Commercial Property Price Index. In May there were 107 resales, down slightly from 114 in April. By dollar volume, the amount of repeat sales almost doubled, to over $1.5 billion in May from less than $800 million in April. Nationwide, as of the end of May, prices were 38.9 percent below their October 2007 peak and had rebounded 8.6 percent from their October 2009 low. Prices were down 6.3 percent year-over-year and had declined 33 percent over the past two years. “We expect commercial real estate prices to remain choppy in the coming months,” said Moody’s managing director Nick Levidy. “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.” TRD

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MoodysNick Levidy