The credit crunch has hit developed countries hardest forcing sales of their commercial property to new lows, a report by Real Capital Analytics has claimed.
It found global sales fell by almost half (49 per cent) and Western countries were affected most, the UK (57 per cent), US (63 per cent) and Germany (65 per cent).
According to the report development sites, such as the Chelsea Barracks conversion saw an increase in sales.
“However, with new developments in Europe being delayed and new regulations limiting land sales in China, this sector may soon experience the same declining investment other property types have,” the report said.
The central London military site was sold for $2.3 billion (£1.15 billion) to state-owned Qatari Diar.
It is located between Chelsea Bridge Road, Pimlico Road and Ebury Bridge Road, within the City of Westminster.
Chief executive of Qatari Diar Nasser Al-Ansari previously said: “We are delighted to lead the consortium which has purchased this site. This project is very important to us as it represents our first major investment in Europe.”