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Moody's Investors Service has claimed commercial property values fell have fallen 19 per cent in the last 12 months.
It said rising borrowing costs forced lenders to write down billions on sub-prime mortgage-related assets, Bloomberg has reported.
Lead analyst Viola Karoly noted these securities "are becoming increasingly affected by the continued financial market turmoil and the worsening conditions in some countries' real estate markets".
"The number of loans experiencing adverse issues is growing," she warned.
According to Bloomberg, the service found loans in default had almost doubled and 68 loans were now on servicers' watch lists, compared with less than 30 at the end of 2007.
UK property outsourcing firm Mapeley had better results to report, it revealed it had doubled its funds from operations in the first half of the year.
"We have seen a strong operational performance on the outsourcing contracts and the direct property investments portfolio," said chief executive Jamie Hopkins.
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