The Real Deal Miami

Commercial decline to continue until 2012, survey says

September 15, 2009 09:33AM

The country’s commercial real estate market is unlikely to recover before 2012, according to the PricewaterhouseCoopers Korpacz Real Estate Investor Survey released today. Office rents in New York may fall another 20 percent through 2012, the survey found. The 115 firms surveyed nationwide said they expected prices to fall or stay the same for all types of buildings, the first time in the survey’s 22 year history that investors in a majority of markets said they expected prices to decline. Commercial real estate values have already fallen 36 percent since their peak in 2007. Investors surveyed said they thought rental apartments would lead the recovery.