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US commercial sector sees signs of recovery

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United States  real estate sector  Bloomberg  New York  Moodys  Robert Bach  Washington  San Francisco  Grubb and Ellis Co  REAL Commercial Property Price Index 

US commercial sector sees signs of recovery

By - Wednesday 22 December 2010

The commercial real estate sector in the US is showing signs of recovery, new figures suggest.

According to the latest Moody's/REAL Commercial Property Price Index, US commercial property prices rose 1.3 per cent in October from the previous month, the second consecutive month of growth.

Meanwhile, year-on-year prices were up 3.2 per cent, reports Bloomberg.

The increase stems from a rising demand for the best office buildings in major markets including New York, San Francisco and Washington, with buyers seeking returns higher than fixed income.

However, Robert Bach, chief economist for Grubb and Ellis Co., a California-based commercial broker, said that the picture is less bright elsewhere in the country.

"This investor enthusiasm has been confined to core properties in primary, supply-constrained markets," he told the news provider. "There's still a lot of distress out there."

Furthermore, The Moody's/REAL index is still 42 per cent below its October 2007 peak.

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