NAR CRE Index Declines

A commercial real estate index maintained by the National Association of Realtors declined in the second quarter, auguring weaker CRE markets over the next six to nine months, according to the NAR. The Commercial Leading Indicator for Brokerage Activity stood at 117.9 in the second quarter, down 0.9% from a 119.0 in the first quarter, the association reported. The record high, 120.5, was reached in the second quarter of 2007. "The pace of decline has intensified due to job cuts and very sluggish economic activity since the beginning of the year, particularly in those industries requiring commercial building spaces," said NAR senior economist Lawrence Yun. "We anticipate the weakest commercial brokerage activity in nearly three years as a result." The association can be found online at http://www.realtor.org.