U.S. commercial property values rose for a third month in January, Bloomberg reported.

As the economy grew, Moody’s/REAL Commercial Property Price Index climbed 1 percent from December, Moody’s Investors Service said Monday in a report.

Though property values are 40 percent lower than their peak in October 2007, there is a degree of guarded optimism in the commercial real estate community.

“We’re fairly optimistic about the economy looking ahead six to 12 months from now,” said Matthew Anderson, a partner at Oakland-based bank and property-research firm Foresight Analytics, before the index was released.

“We’re already in a stronger economy now than we were a year ago,” he said.

A growing economy may help to shore up values after unemployment led to less demand last year for office and retail space. According to the Commerce Department, U.S. gross domestic product expanded at a 5.9 percent annual rate in the fourth quarter.

But don’t get too excited.

“A few months of price gains does not necessarily indicate a sustainable trend, particularly in these difficult times,” Moody’s said.

“The broader economy remains under pressure and while the positive returns of the past three months are certainly welcome, passengers are advised to keep their seatbelts fastened in case of further turbulence.”