“The most recent results of the Moody’s/REAL Commercial Property Index continues to suggest that the nation’s commercial real estate markets are now firmly experiencing a tremendous downturn with prices plummeting a whopping 32.80% on a year-over-year basis and a stunning 40.62% since the peak set in October 2007.”

via Paper Economy – A US Real Estate Bubble Blog: Commercial Cataclysm!: Moody’s/REAL Commercial Property Price Index August 2009.