The decline in nominal terms is to 2002 levels. In real terms... we are at pre-index levels.
U.S. commercial real estate prices fell 3.3% in August from a month earlier, putting prices at 2002 levels after a third straight month of declines, Moody's Investors Service said Tuesday.
Prices for office buildings, shopping centers and apartment complexes are now down 45% from their late-2007 peak, said Moody's. Rental demand has diminished, shrinking properties' cash flow, while a tighter financing market has restricted investors' ability to inflate their returns using leverage.