Grim forecasts for 2009's property market offer little hope to those with commercial property investments in their self-invested personal pensions (Sipps).

Since investors first took steps to diversify their pension portfolios a few years ago, by buying stakes in commercial property funds, real estate investment trusts (Reits) or purchasing flats in New York or Corsica, the performance of the commercial property market has deteriorated. Many investors are being advised not even to dabble in the market until it shows more promise.