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Mr Sullivan, who runs the Miton Special Situations portfolio and the Miton Strategic portfolio, said commercial property within Miton multi-manager funds remained a long-term theme.

He said: "I am expecting rents and occupancy rates to fall further, with a modest pick up in 2010 and thereafter. Taking this into account, it is my view that the yields implied by the current share prices fully reflect the state of the current market.

"A benefit of weak sterling has been the attractiveness of UK commercial property to overseas investors, and although trade is no longer as smart as it was as sterling has recovered from its oversold position, it has helped underpin and stimulate the market."

Matthew Woodbridge, head of investment products for London-based IFA Chelsea Financial Services, said: "Some UK property funds are down quite a lot. Great Portland Estates has completed a rights issue and it wants to take advantage of some opportunities.

"If you are looking long-term there could be some good opportunities for investors, because it tends to go in cycles.

"There could be a rocky road in the next year or so because it is linked to how well the economy is doing. Commercial property will suffer as we go ahead. We are way off the commercial property highs of 2007. But I would be selective.

"We are not flagging it as a buy but there are opportunities out there but there could me more pain to come. There is an over capacity of office space especially in London, so that it will drive down prices."