Tuesday, February 08, 2011

Google News is my new toy (yes, I know I am late to the party, and the party has probably moved to Twitter).  I just saw this Reuters' article summarizing an interview with Vornado CEO Michael Fascitelli.  This line in the article jumped out to me:
Since hitting lows in mid-2009, U.S. commercial property prices are up 33 percent but still off 18 percent from their peak in 2007, according to the Green Street Advisors Commercial Property Price Index.
That is quite a recovery, and if it's correct should take the sting off those nagging legacy property concerns.  I don't, unfortunately, believe the claim, although I'd like too.  It may be true for certain top-end properties in specific major markets, but I would bet that aggregate commercial real estate have not recovered 33% from their 2009 low.

Update:  The above information runs counter to Moody's data that shows property values still 42% below the 2007 peak.  Obviously, someone's numbers are wrong.

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