A recent Global Real Analytics study indicates that real prices for commercial real estate adjusted for inflation are lower today than in 1985. Here's the data.... Office: 1985 - $163.33/SF; 2006 - $145.62/SF; %change = -14.1% Industrial: 1985 - $31.78/SF; 2006 - $30.65/SF; %chnage = -7.0% Retail: 1985 - $97.50/SF; 2006 - $92.49/SF; %change = -8.8% Apartments: 1985 - $52.81/SF; 2006 - $75.82/SF; %change = 43.6% When adjusted for inflation, real prices (except apartments) are lower now than in 1985.