Commercial property transactions have fallen by 67%, and total transactions by 73%, over the course of six months, according to research by Sirius Property Finance.
The data revealed that there were just 281 commercial transitions in the past six months.
Office space transactions saw the greatest decline, falling by 75%.
Retail and leisure transactions were down 68%, and industrial transactions fell by 57%.
The total value of commercial transactions in the past six months was £3.7bn.
The total value of office transactions was down 85%, industrial was down 67%, and retail and industrial was down 67%.
In the past six months, the average commercial transaction was valued at £13m, 20% lower than the previous six months.
Both office (-39%) and industrial (-22%) saw their average values fall, but the retail and leisure space saw a rise of 20%.
Sirius said this was driven by one sub-sector of the retail and leisure space, unit shops, reporting a remarkable increase of 138% in the past six months to hit £23.1m.
However, leisure (-31%), shopping centres (-30%), and retail warehouses (-3%) all saw declines in average transaction value.
Nicholas Christofi, managing director at Sirius Property Finance, said: “There’s little ambiguity in these numbers, the commercial market is enduring a difficult period as a result of the UK’s wider economic struggles.
“But there’s a good chance that these recent declines are also the result of seasonal influences.
“The summer is a quiet time for the property market in general, so this may be causing more drastic declines that we’ve previously seen.
“With the arrival of autumn, which is a real period of boom for the market, we’re hopeful that the numbers will start to show improvement, especially if the economy continues to show signs of recovery as it has recently been.”
