The price of offices in the US rose in the second quarter for the first time since 2007, offering a glimmer of hope for the stricken commercial property market, according to a report on Wednesday from Moody’s, the ratings agency.

In the last 12 months, US commercial property prices across all sectors fell by nearly 27 per cent, the Moody’s/Real commercial property price index showed. From April to June, however, US office prices rose by 4.1 per cent, the first increase since the second quarter of 2007.