In its RICS Global Property Survey it said that Brazil and China led the way as commercial property recovered as an asset class.

The emerging real estate markets performed the best, the survey said, as more developed markets struggled with public debt and “the need for authorities to gradually exit from emergency monetary conditions.”

In Brazil the net balance of surveyors reporting an increase in investor activity rose from 29% to 61% and in China the net balance rose from 47% to 58%.

Simon Rubinsohn, RICS chief economist, said: “The latest Global Commercial Property Survey demonstrates in the clearest possible terms that it is emerging real estate markets where sentiment has turned around most significantly.

“Crucially, the improvement in investor appetite is being accompanied by a firmer tone to the rental market. This is key to ensuring that the recovery proves sustainable.”

The UK property recovery was led by the London office market, with the amount of available space declining for the first time in two years.

However, elsewhere in the UK and across 90% of the world available space continued to increase.

Mild declines were reported in Brazil, Peru, Venezuela, Austria, Hong Kong and Ghana.