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Confidence in the UK commercial property market has hit a four year low, with the global credit crunch listed as one of the key contributors.
Nearly 30 per cent of real estate brokers reported a fall in investment demand in the office sector over the third quarter of 2007, while a further eight per cent expect a drop in market activity in the coming quarter as the recent financial turmoil forces investors to re-price risk.
Royal Institution of Chartered Surveyors (RICS) chief economist Simon Rubinsohn said: “The turmoil in the credit market is being most acutely felt in commercial property as the sector is more dependent on capital market funding than in the past.
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