Emerging commercial property markets are feeling the effects of the global credit crunch, a new survey has showed.
The Royal Institution of Chartered Surveyors (Rics) has revealed investors are backing away from emerging markets as they struggle to deal with financial liquidity problems.
"Few markets have escaped the credit malaise which has engulfed commercial property activity since last summer," commented senior economist, Oliver Gilmartin.
"What started in the developed world has spilt over into investment activity across several emerging markets."
Key findings from the study predicted tenant demand for global property will turn negative and commercial construction will weaken across the world.
Investors are now more cautious, it revealed, and transaction activity fell in Emerging Europe and Latin America.
Mr Gilmartin remained positive, adding: "The worst may be behind for the Western European investment market which appears to be leading the correction in the global property cycle."