Former European Central Bank (ECB) President Mario Draghi repeatedly raised the issue of commercial property valuations during his press conferences. Draghi noted that commercial property valuations had moved way above longer-term historical averages and that this was an area of potential vulnerability for the eurozone economy as a whole. Draghi’s comments were interesting because central bankers rarely mention specific sectors of the economy, in particular the property sector, because they do not want to cause malign consequences.  For example, the Bank of England’s former Governor, Mark Carney, often dodged questions regarding valuations for London real estate; central London property prices…

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