Commercial prices dip 3 percent nationwide

Commercial real estate prices nationwide dropped 3.1 percent in July from the previous month, according to the Moody’s/REAL Commercial Property Price Index. Prices were 43.2 percent down from their October 2007 peak. Nick Levidy, a managing director with Moody’s, said that the decline had been expected. “The recent [commercial market] performance, while perhaps somewhat discouraging, should not come as a complete surprise,” Levidy said. “We have noted for several months than markets are likely to remain choppy for some time.” The news wasn’t bad for all markets, however — Florida saw its first multi-family property price increase since the start of the recession, climbing 10.8 percent year-over-year in July. TRD