Commercial real estate values in the U.S. fell 27 % in the year through June and rents for offices, shops and warehouse space may continue to drop through 2010 .

The Moody’s/REAL Commercial Property Price Indices fell 1 % in June and are down 36 % from their October 2007 peak, Moody’s Investors Service said in a report today. A rebound isn’t likely until the 2nd half of next year.

Unemployment of 9.4 %, falling industrial production and a drop in consumer giving curbed property demand, NAR said. Falling rental income and scarce credit are hurting both landlords and investors in securities backed by commercial property loans. Defaults and late payments on commercial mortgage-backed securities may surpass 7 % by year-end, according to research firm Reis Inc.

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