IPD figures show November saw the worst ever monthly returns from commercial property.
Figures from the Investment Property Databank showed that property provided returns of -3.6%. Previously the worst month was May 1990, when returns were -1.8%.
The figures, which are based upon the valuation of a sample of 4,200 properties worth £53bn, are more moving closer into line with market sentiment and the actions of fund managers, who have been drastically writing down the value of their portfolios in recent weeks.
In November, Schroders said it was writing down the value of its Exempt Property Unit Trust by 12.5%, and last week New Star said it was devaluing its portfolio by almost 8%.
Income return remained positive, at 0.4%, but this was wiped out by capital value falls of 4%.
Total returns for the last 12 months now stand at -0.3%, significantly below bonds and equities.
The worst performing sector in November was retail, which provided a total return of 3.9%, while industrial was the best performing sector, returning -2.7%.