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Investors in commercial real estate began looking past trophy properties in many major U.S. cities during the month of June, which helped prices to firm up along the bottom and lead to an overall price gain.
According to Moody's Investors Service, commercial property prices increased 0.9 percent during June based on 254 repeat sales during the month, marking the second consecutive monthly gain.
But despite the jump, the report added that prices are still down 6.6 percent from a year ago and remain down 45 percent from their 2007 peak, as the market continues to slowly recover.
However, the firm said the recent economic disruptions in the U.S. and Europe in July and August may show up in the coming months. That slow lending in some areas may hold off greater price improvements for the time being.
During the second quarter, three of the four property types showed price gains. Office space led the growth with demand leading to an 8.9 percent gain. Industrial property prices gained 2.5 percent while apartment prices increased 0.6 percent. Retail space prices slid 0.3 percent.
