January 1, 2012 (This archived article was published in 2012.  More recent data is found in the articles section of our web site). A common perception is that most of the commercial property values in the Chicago Metropolitan Area have stabilized since the precipitous drops in 2008 and early 2009. We believe there has been a bifurcation in the market where investment grade properties have generally stabilized or gone up in value but that non-institutional grade properties under 50,000 square feet have continued their decline. Most indices measuring these factors unfortunately blend investment and non-investment grade properties together in their analysis which has resulted in a skewing of reported results that imply stability or improvements in the market place. Peterson Appraisal Group has analyzed thousands of Illinois commercial real estate transactions of buildings 50,000 square feet or less that would generally not be considered institutional grade investments. These studies point to a very different picture. Our study encompassed time periods from January 1, 2009 to December 31, 2012. Chicago Industrial Properties:Value declines of about 4-5% per year Chicago Retail Properties:Value declines of about 5% per year Chicago Office PropertiesValue declines ranging from 6% to 20% per year Chicago Apartment Properties:No declines. The property type appears to have stabilized. Peterson Appraisal Group, Ltd. is a Chicago appraisal firm that focuses exclusively on Chicago area commercial real estate appraisals.