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THE credit crunch has been blamed for a "conflicting" time in Colchester's business property market.

Whybrow Chartered Surveyors, in Church Street, Colchester, said while there is still demand for "good-quality" business properties, buildings not located in prime spots had been "experiencing difficulties".

Similarly, developments of new office buildings had been "modest", said Ewan Dodds, managing director of Whybrow.

"There are conflicting signs in the market, particularly caused by the credit crunch, the banking situation and restrictions placed on lending," explained Mr Dodds. "In Colchester, some of the non-prime locations around the town are seeing more to-let sign boards because some retailers are having difficulty with rents and rates.

"Saying that, pedestrian footfall rates are still very strong in Colchester and take up on buildings on Colchester Business Park is very good."

The news comes as the Royal Chartered Institute of Chartered Surveyors (RICS), found the demand for commercial buildings in the UK had fallen at its fastest rate in six years.

RICS Property Survey said 30 per cent more chartered surveyors had reported a fall than a rise between January and March this year, compared to the previous three months.

The survey found the eastern region, including Colchester, had recorded one of the sharpest declines in new office developments in the country.

difficulties Demand for offices had also fallen, along with surveyors' confidence in the market and enquiries from potential tenants, said the study.

But Mr Dodds said the situation was not so simple, with properties considered on a case by case basis.

"It is a mixed picture and there is some optimism out there," he said.

But he admitted: "The business economy is likely to experience difficulties this year, but what has happened historically in Colchester is the peaks and troughs don't seem to hit us so hard.

"One would hope that if there is a slow down, the situation would not be as volatile in Colchester as it could be in other parts of the country."

The study by RICS found respondents to its survey expected unit rents to double in the coming three months, but investors would begin to see "some value" on their business properties.

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