Report: U.K. CRE to drop by half by end of 2009

Britain's Royal Institution of Chartered Surveyors said the value of commercial real estate in the U.K. will be cut in half by the end of next year. The commercial real estate slump in Great Britain now stands as the biggest in recent memory. "We are only halfway through the price correction in the commercial property market, with values set to fall through 2009 and 2010 as rental declines gather pace," senior economist Oliver Gilmartin said.

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