The Real Deal Miami

Commercial property price index drops to 2002 levels

November 23, 2009 02:29PM

National commercial property prices have dropped to 2002 levels, according to the data released today from Moody’s, as the all-property type aggregate index declined to 109.61 in September, a 3.9 percent month-over-month drop. The September level in the Commercial Property Price Indices is 42.9 percent lower than the peak prices recorded in October 2007. Overall market transactions have been low throughout the year, the report noted, as nationwide commercial property transactions number fewer than 400 thus far in 2009. In New York, office building prices saw an index rating of 176 in September this year, a 22.9 drop from the rating seen during the same time period a year earlier. In Florida, apartment building properties had a 111.53 index rating in September, marking a 39.8 percent decline from the same time period a year earlier. TRD