U.S. commercial property prices now 8.4 percent above low point

U.S. commercial property prices saw their third straight monthly increase in November, up 0.6 percent over their level in October, and 2.8 percent over their level in November 2009, according to a new report from Moody’s Investors Service. Since the eight-year nationwide low of August 2009, prices have climbed by a total of 8.4 percent, aided by the addition of 1.1 million jobs last year, which helped boost demand for office properties, Bloomberg News reported. Still, prices are 42 percent below their October 2007 high. “Demand really has to kick in before you see a significant upward [pricing] trend,” said Moody’s economist Christopher Cornell. “The ones that are really headline properties are doing fairly well, others not as well.” [Bloomberg]