Investment in commercial property in Europe dropped by more than a third in the first quarter of 2008 as continental markets caught up with the problems affecting the UK. Financial Times

European investment turnover totalled €37bn (£30bn) in the first quarter of this year, according CB Richard Ellis, compared with €58bn in the final quarter of last year.

Lower levels of activity were reported across most of continental Europe, according to the agent, although the UK was one of the least affected, partly because this was where the slowdown had emerged earliest.