Nirvana for some

The crash in commercial property values in the UK has been sudden if not unexpected. The bottom of the correction could be in sight, but not all lenders will benefit equally as activity resumes. By Rob Mannix

Commercial property values in the UK crashed faster than ever before at the end of last year. Capital values fell a record 4.2% in December, according to figures from industry data provider IPD. Commercial real estate was worth 10% less at the end of 2007 than it was at the start.

Lenders say the normal cycle of the commercial property market has been concentrated into one manic burst of falling values. The availability of cheap debt and readily available equity that had pushed initial yields on

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