The S&P/GRA national composite for September reported anannual price change of -0.6%, versus September of 2007. Thisdecline is smaller than the -1.6% change in the data for August,according to S&P, and also represents a 0.1% increase fromAugust to September. It is, however, well below the high of +14.7%reported in August of 2006.

"For the second straight month, and the second time in thehistory of the index, the national composite recorded a negativeannual growth rate, but there are some potential signs ofimprovement in commercial real estate prices," says David Blitzer,managing director and chairman of the index committee at S&P,in a release. He adds, "In the property sector, three of the foursectors had negative returns for the month and year-over-yearperiod. Office recorded its lowest annual return in its history,-3.1%."

On the positive side, Blitzer notes that apartments recordedpositive returns for the one-month and 12-month periods, withindices up 1.6% and 1.7% respectively. However, the geographicregions reported mixed results. The Pacific West had the highestreturn for the month of September, up 1.1%, but was the only regionthat was in negative territory over the one-year period, with itsindex declining -4.1%.