European commercial real estate dealmaking hit an 11-year low in the first quarter of the year, according to MSCI data, as rising interest rates, banking turmoil and fears around economic growth made investors more cautious.
There were €36.5bn worth of deals in the quarter, down 62 per cent from last year, as the sharp rise in interest rates left buyers and sellers struggling to agree on the true price of properties.
Falling commercial property values and anxiety in the banking sector after the collapse of Credit Suisse have fuelled concerns that overstretched real estate investors or lenders could be the next source of major financial distress.
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