CBRE: Commercial property prices fall 3.5 per cent
Property professionals
11th February 2009
New figures from the world's biggest property broker CB Richard Ellis (CBRE) have shown that commercial property prices fell by 3.5 per cent last month.
Peter Damesick, head of research at CBRE, commented: "January's results were marked by an easing of the negative impact of higher yields, but a pick-up in the rate of rental falls.
He added that this combination is likely to continue, with rents continuing their downward movement in the next few months.
Reuters reports that January's drop was not as steep as in the previous month, though the fall in rents accelerated slightly to minus 0.9 per cent.
Property prices are now almost 38 per cent below the peak reached in the middle of 2007.
Total returns are minus 31.6 per cent from the peak.
CBRE employs more than 29,000 people in over 50 countries.
The company provides valuation and advisory services for more than 60,725 properties.
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