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Moody's: Distressed sales drive US Commercial Real Estate Prices down for fifth consecutive month

Global Credit Research - 22 Jun 2011

New York, June 22, 2011 -- Moody's Investors Service says that US commercial real estate prices, as measured by Moody's/REAL National -- All Property Price Index (CPPI), declined in April, by 3.7%, bringing the index down to its lowest level since its inception. However, the price recovery that began a year ago among so-called "trophy properties" in the largest markets continued unabated. The CPPI saw its fifth consecutive decline, with distressed prices helping negate the price recovery seen in larger, higher quality assets, resulting in a continued decline in the overall market.

"In April, we continued to see a case of where the strong are getting stronger and the weak are getting weaker," says Tad Philipp, Moody's Director of CRE Research. "Major asset/major market prices have recovered more than half of their post-peak losses, while prices for distressed transactions have continued to bounce around the bottom."

Despite a recent uptick in transaction volume, the large share of distressed transactions precludes a broad market recovery at this time. Distressed sales have comprised at least 20% of the repeat-sales transaction volume for 17 consecutive months.

Office prices in New York and the apartment indices in the East, the South, and Florida have performed notably well, all up by more than 20% from their prior year lows.

The industrial property sector was the only annual index to see an annual price increase in Southern California, up 9.8% over last year. Apartments, office buildings, and retail properties in the region recorded new post-peak lows.

Prices also rose in the three major office markets. New York led the way, up 23.6% over last year, followed by San Francisco, up 9.6%, and Washington, D.C., up 6.1%. This is the first rolling, four quarter increase in prices for each office subsector since 2008.

For more information, please access the report, "Moody's/REAL Commercial Property Price Indices, June 2011" at www.moodys.com. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies in "Structured Finance Quick Check" at www.moodys.com/SFQuickCheck.

*****

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

New York
Seth Anspach
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Nick Levidy
MD - Structured Finance
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service, Inc.
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JOURNALISTS: 212-553-0376
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Moody's: Distressed sales drive US Commercial Real Estate Prices down for fifth consecutive month
No Related Data.

 

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