According to data compiled by MIT's Center for Real Estate, their Moodys/REAL Commercial Property Price Index dropped 7.6% from April to May. This represents a 28.5% drop from May 2008, and down 34.8% from the October 2007 peak.
Transaction volumes are at the lowest point this cycle, coming in at $2.7 billion on 282 transactions, 52 which are considered "repeat-sales" transactions.
The silver lining, however, might be that this month-to-month decrease is less than April's 8.6% decline. We'll see next month whether the trend continues to improve.
SOURCE: MIT CENTER FOR REAL ESTATE
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