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TORONTO-According to a recent report by Investment Property Databank Canada’s real estate returns declined more than 12% during 2008. The fall marks a 14-year low in the commercial real estate market here.

The office sector saw the least decline, finishing as the top performer in the industry for the third year in a row. Returns for the office sector was 7.6%. Residential properties came in second at 6.4% returns. Industrial properties only saw a 2.3% return while the retail sector saw a slightly negative return at – 0.01%.

These numbers are in stark contrast to just three years ago. At that time, the office sector saw an annualized total return of 15.7%. While the retail sector, still the lowest in terms of total returns, had a 9.7% return.

The ICREIM/IPD Canada annual property index takes into account $77.4 billion of commercial real estate assets across the country.

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