It comes as no surprise that overall commercial rent levels are down. We have seen hints of this for months while working through our files. However, whenever we see statistics it is always important to dig into the raw data before making a determination. Even if the average is down it does not mean that all asset types or classes are down. That is because markets may be segmented within each asset class and even within each individual segment. This adds a layer of complexity to data analysis as part of a real estate valuation. As such, it is important to realize that each valuation must be individually assessed as to the relevant market data. Relying solely on published studies and other broad sweeping information can lead to a fundamental flaw in an appraisal report.