It’s now perfectly obvious that the commercial real estate (CRE) markets have followed the inevitable lead of the residential markets down into a severe and historic recessionary decline.Earlier this week the MIT Center for Real Estate released their Q2 2009 read on the nation’s commercial property market showing a stunning 32.07% year-over-year decline to the price of all commercial structures as an aggregate and a 36.33% decline in demand.
Worse yet, on a peak basis CRE prices have declined a staggering 39.16%.
Individually, Apartment property prices declined 28.81%, Industrial property prices declined 41.15%, office property prices declined 33.39% and retail property prices declined 26.01% compared to their respective peaks set in 2007.
