Distressed sales 'emerge in the commercial property market'

A growing number of sales of distressed commercial property are taking place across the globe, new research has revealed.

The study from the Royal Institution of Chartered Surveyors (Rics) surveyed its members across 25 countries and discovered that 80 per cent of the areas polled reported an increase in distressed sales.

In addition, the majority of real estate professionals polled stated that the number of such properties coming onto the market is set to increase.

Oliver Gilmartin, senior economist at Rics, said: "Distressed property listings are likely to become a bigger feature of global property landscape in the coming year."

He added that loan refinancing and improved pricing in some areas is providing "a window of opportunity for banks to manage down some of their property loan exposure".

Recent figures published by CB Richard Ellis found that the West End of London is the most expensive office market in the world.