The latest release of the MIT Center for Real Estate’s Transaction Based Indices for commercial real estate indicated that prices declined 4.93% from Q3 to Q4 2009 remaining 22.53% below the level seen in Q4 2008.
Supply declined significantly dropping 5.33% between Q3 and Q4 2009 and remaining some 25.47% below the level seen in Q4 2008.
Demand also declined notably dropping 4.52% from Q3 to Q4 2009 and 19.49% from Q4 2008.
Taken as a whole the total return index declined 3.67% between Q3 and Q4 2009 remaining 18.11% below the level seen in Q4 2008.
Looking at the chart you can see that although there was a notable bounce in the middle of 2009, the decline as since resumed with each measure sitting close to the lows for the cycle.