Standard & Poor's Announces April Results of the S&P/GRA Commercial Real Estate Indices...

Standard & Poor's Announces April Results of the S&P/GRA Commercial Real
Estate Indices (SPCREX(TM))

NEW YORK, July 22 /PRNewswire/ -- Standard & Poor's today announced the
April results for the S&P/GRA Commercial Real Estate Indices. Nationally,
commercial real estate prices are up +3.1% versus April 2007. The indices
measure the change in commercial real estate prices by property sector and
geographic region in the United States. The S&P/GRA Commercial Real Estate
Indices comprise ten commercial real estate indices: a national composite,
five geographic regions, and four national property sectors.
The table below summarizes the results for April. More than 14 years of
monthly history for these data series is available and can be accessed in full
by going to www.spcrex.standardandpoors.com.

April 2008 April/March March/February 1-Year
Index Level Change(%) Change(%) Change(%)
Apartments 144.26 -2.3% 0.0% 5.7%
Office 146.80 0.5% 0.1% 0.3%
Retail 161.61 -0.2% 0.3% 2.1%
Warehouse 162.23 0.2% 0.9% 4.8%
Desert Mountain West 153.06 0.5% 1.0% -0.2%
Mid Atlantic South 150.44 -2.2% -0.1% 1.9%
Midwest 133.93 1.3% 0.7% 4.6%
Northeast 144.90 0.3% -1.4% 0.8%
Pacific West 162.05 -2.6% 1.7% 6.9%
National 149.29 -0.9% 0.1% 3.1%

Source: Standard & Poor's
Data through April 2008

The National composite reported an annual price appreciation of +3.1%,
versus April of 2007, down from the +5.1% reported in March's data, a further
deceleration from this cycle's peak of +14.5%, reported in June of 2006. The
five regions reported mixed results. Three of the regions reported positive
monthly returns, while two regions reported negative returns. The National
composite was negative, down 0.9% in April versus March. After reporting the
highest return in the March/February period, +1.7%, the Pacific West reported
the largest price decline in the April/March period, -2.6%. This return was
the lowest monthly return in the series history. The Midwest performed the
best during the April/March period, +1.3%. Over the past 12 months, the
Pacific West has the highest return of +6.9%.
In the property sector, two of the four sectors reported positive returns
over the April/March period. Office reported the biggest gain for the one-
month period, +0.5%, and Apartments, while down 2.3% for the month, reported
the highest annual return, +5.7%. Office has the lowest returns over the past
year, returning +0.3%.
"The year-over year growth in the National price index continues to slow,
reflecting concerns about the economy and developments in residential real
estate," says David Blitzer, Managing Director and Chairman of the Index
Committee at Standard & Poor's. "Overall, the results for commercial real
estate were slightly negative for the month. Only one of the regions and
property sectors, the Midwest, saw acceleration in annual returns compared to
last month's reported data. The National Index was down, returning -0.9% for
the April/March Period. Two of the regions, the Pacific West and Mid Atlantic
South, and one of the property sectors, Apartments, were down more than 2%
over the month. Only the Midwest was up more than +1%, returning +1.3%. On the
positive side, for the one-year period only the Desert Mountain West is
showing a negative return, down 0.2%."
The S&P/GRA Commercial Real Estate Indices are published on the second to
last Tuesday of each month at 9:00 am ET. They are calculated to reflect
underlying real estate and capital market fundamentals by measuring the change
in commercial real estate prices by property sector and geographic region.
Reported index values are based on a three-month rolling average transaction
price per square foot, and are computed using a stock value, or market
capitalization-weighted, methodology. This approach utilizes average
transaction prices per square foot and commercial real estate stock data to
derive index levels.
To be eligible for inclusion, property sales must be identified as closed
transactions in the defined commercial real estate regions and sectors. Closed
commercial transactions are those where the escrow has closed and the title
has been transferred to the new owner. There are no transactions included in
the index that are appraisals, just listed, sales pending, or in escrow.
The indices are maintained and published under agreements between Standard
& Poor's and GRA/Charles Schwab Investment Management (CSIM).
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is
the world's foremost provider of financial market intelligence, including
independent credit ratings, indices, risk evaluation, investment research and
data. With approximately 8,500 employees, including wholly owned affiliates,
located in 23 countries, Standard & Poor's is an essential part of the world's
financial infrastructure and has played a leading role for more than 140 years
in providing investors with the independent benchmarks they need to feel more
confident about their investment and financial decisions. For more
information, visit http://www.standardandpoors.com.
SOURCE Standard & Poor's

David Blitzer Chairman of the Index Committee Standard & Poor's
+1-212-438-3907 david_blitzer@standardandpoors.com David Guarino
Communications Standard & Poor's +1-212-438-1471
dave_guarino@standardandpoors.com