The possible closing of more than 400 post offices across the US in an effort to cut costs could further dent the struggling commercial property market as rising retail vacancies continue to weigh on prices.

The US postal service has said it is placing 413 of its 37,000 retail locations under review for 'consolidation' as it faces a record loss of $6bn (£3.7bn) this year. The mail carrier has seen a dramatic drop in package volume owing to cost-conscious Americans cutting back in favour of cheap alternatives such as e-mail.

'At the end of the day, it’s just more retail space that’s going to be available that’s going to put pressure on already embattled landlords,' said Victor Calanog, director of research at Reis, property research company.

Financial Times