UK commercial property values decreased by a further -1.6% in May from April, taking the market’s total fall since its peak in June 2007 to -43.6%, according to the Investment Property Databank (IPD).

The benchmark index from IPD, used as the basis for UK’s property derivatives market, had registered a -2.3% drop in April.

Rents for office, retail and industrial properties, fell by -0.8% on average, to the lowest level in more than 16 years, according to the IPD. IPD said commercial properties generated a minus -26.5% annualised total return for the 12-months to end-May