The share prices of commercial real estate share prices have suffered today after the Brexit vote put the future of London's financial district in peril.
Liberum analysts said today that the risks surrounding commercial real estate have increased as the future of offices in the City is likely to remain uncertain for a long time.
In afternoon trading, British Land's share price fell by 7.23 per cent, Land Securities' share price dropped by 6.35 per cent, Intu Properties' share price was down 3.91 per cent, and Hammerson's share price was down by 4.32 per cent.
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Analysts said Assura, PHP and Shaftesbury's shares were safe havens.
Liberum said: "We turn more negative on City office and retail exposures.
"The UK cycle is not over. Brexit needn't be more painful. However, greater occupier uncertainty in London City offices and retail prompts downgrade for British Land (sell), Land Securities (sell), Intu (sell) and Hammerson (hold).
"We expect a prolonged period of occupier uncertainty, which will constrain rental growth."
London's future position as a financial centre has become uncertain after the Brexit vote, with banks considering a move to an EU country to protect their passporting rights.
The French Prime Minister has already begun to woo the City's bankers, but a recent poll offered a more optimistic outlook, showing investors think London will remain a leading financial city after Brexit.