Shares in the two largest property services firms took a hammering today as nervous investors baled out

The two New York-listed global giants, CB Richard Ellis and Jones Lang LaSalle, both lost 6% of their value after CBRE was given a downgrade by real estate analysts at Goldman Sachs.

By 1 pm in New York, CBRE had dropped $1.55 to $23.95 after Goldman Sachs analysts Jonathan Habermann and Mark Biffert cut its rating on the shares to ‘neutral’ from ‘buy’, citing current market conditions.

JLL, which derives a lower percentage of its revenue from the US property market, was also hit, falling $6.09 to $96.16.

Since 19 July, when the impact of the credit crunch began to take its toll, CBRE’s shares have fallen 42% from $41.44, cutting its stock market value to $5.5bn (£2.75bn).

JLL’s shares have dropped 21% from $122.42 over the same period, reducing its stock market value to $3.6bn (£1.8bn).