U.S. commercial real estate prices posted their first quarterly gain in more than two years last quarter, data showed on Monday, although deepening economic gloom may cut post-slump celebrations short.

After shedding about a third of their value between the first quarters of 2008 and 2010, average U.S. commercial property prices rose by 2.2 percent in the three months to end-June, as measured by the Investment Property Databank US Quarterly Property Index.

The milestone data ends a phase of writedowns that wiped out five years of property value appreciation before the credit crisis hit, but the London-based index compiler said a “mixed” economic outlook could arrest further price growth.

(Read More: CNBC)