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Commercial property values in the United States dropped in August as job losses cut demand for office space.
According to figures from Moody’s / REAL Commercial Property Price Indices, prices fell 3 per cent from July to August, bringing the market’s decline to 41 per cent since its peak in October 2007.
Moreover, property price values are forecast to fall an additional 17 per cent though the fourth quarter of next year due to rising vacancy rates and the risk of forced sales, according to a report by Goldman Sachs Group.
Office vacancies are currently sitting at a five year high of 16.5 per cent.
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