European commercial real estate valuations are close to a bottom after a slump driven by worries about interest rates and the economy, according to analysts at Goldman Sachs Group Inc.
While the initial speed of valuation declines was steeper than any other cycle in the last 35 years, a recent deceleration in price drops suggests the peak-to-trough trajectory may end up more akin to the 1989 crash than the global financial crisis, Jonathan Kownator and colleagues wrote in a note.