Commercial real estate valuations seem to coincide quite well with the overall number of office jobs. It's not necessarily obvious that this should be the case, because commercial properties include retail, multifamily, and other non-office properties. Nevertheless the relationship is striking.
This doesn't bode well for commercial real estate going forward. Job creation, particularly office jobs, may lag significantly any recovery the US might experience. Commercial real estate valuations therefore may end up lagging even more.