Commercial real estate prices fell 0.2% on a monthly basis in November, based on indices maintained by Moody's Investors Service. It was the second decline in the last three months, which the rating agency said could be an indicator that prices in the sector have peaked and could be heading for a downturn. "Price series often stumble along at the top, leveling off before experiencing a more consistent downward trajectory," said Sally Gordon, a Moody's senior vice president. Standard & Poor's also reported that its S&P/GRA commercial real estate indices showed 12-month returns of 4.9% for October, representing a decelerating return from the growth reported in past months. "On a national scale, annual returns continue to decelerate," S&P said. The office sector was the best performer for the period, with 12-month returns of 10.8% (down from 13% for September). The multifamily sector was the worst-performing sector, with a negative-0.5% return (an improvement from negative-2.7% for September). Some "pockets of strength" were seen in some regions -- the Desert Mountain West, the mid-Atlantic South, and the Northeast. But even these regions were "significantly below their recent double-digit growth rates," S&P said.

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