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Worst Real Estate Downturn Since 1991-1992, ULI Report Concludes

Published Tuesday, October 21, 2008

Brace yourself for the worst year in commercial real estate since the “1991-1992 depression,” according to Emerging Trends, a joint report by PricewaterhouseCoopers and the Urban Land Institute released this afternoon. Commercial property values could drop 15% to 20% from the peak realized in mid-2007. Losses could be even more severe for lesser-quality commercial properties in secondary markets, the gloomy report concludes. “The aftershocks of rampant over-the-top lending that batter the entire credit system leave property markets substantially overleveraged and vulnerable to significant depreciation,” the report states. Controlled development, which has largely shielded the commercial sector, is no ...

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