Moody's: Commercial real estate worth 27% less this year

08/20/2009 | Bloomberg

The value of commercial property in the U.S. has plummeted 27% this year, and the decline is likely to continue, Moody's Investors Service said a report. In June, the Moody's/REAL Commercial Property Price indices dropped 1%, the rating agency said. "It's too soon to call the bottom," said Connie Petruzziello, a Moody's analyst and co-author of the commercial real estate report. The decline in commercial real estate rents is projected to continue well into the first quarter of 2010, the National Association of Realtors said in a separate report.

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