The S&P/GRA national composite for September reported an annual price change of -0.6%, versus September of 2007. This decline is smaller than the -1.6% change in the data for August, according to S&P, and also represents a 0.1% increase from August to September. It is, however, well below the high of +14.7% reported in August of 2006.

"For the second straight month, and the second time in the history of the index, the national composite recorded a negative annual growth rate, but there are some potential signs of improvement in commercial real estate prices," says David Blitzer, managing director and chairman of the index committee at S&P, in a release. He adds, "In the property sector, three of the four sectors had negative returns for the month and year-over-year period. Office recorded its lowest annual return in its history, -3.1%."

On the positive side, Blitzer notes that apartments recorded positive returns for the one-month and 12-month periods, with indices up 1.6% and 1.7% respectively. However, the geographic regions reported mixed results. The Pacific West had the highest return for the month of September, up 1.1%, but was the only region that was in negative territory over the one-year period, with its index declining -4.1%.