Robert Parker, vice-chairman of asset management at Credit Suisse, told the British Property Federation annual conference that fears over occupancy and falling rents would stop his company investing this year.
He said: "We know that values are cheap today and yields are significantly higher than at any time over the past two years. We know there are cheap opportunities in the market.
"The problem we have is occupancy and rental values and, when you have a probably rising level of unemployment in Europe and the US, that means that occupancy levels are going to remain under pressure.
"We need evidence that occupancy levels are going to improve before one wants to go back in to real estate market, and that might be 2010."