Transactions in the London commercial property office market slumped to their lowest level for over two years with just £2.3bn of deals completed in the fourth quarter this year. Daily Telegraph
Data from Cushman & Wakefield showed that the overall volume of deals fell from over £6bn in the third quarter as investors shied away from commercial property.
The change was particularly dramatic in the City of London where volumes fell from £4.3bn to £1.7bn over the period.
The survey showed that not only had transaction levels fallen but prices had dropped.
C&W chairman of capital markets Tim Sketchley said: 'While we go into the beginning of 2008 with concerns as to where the short- and medium-term market is going, there are good signs that the market is continuing to move forward with a very low vacancy rate.'