THE value of Scottish commercial property deals has slumped to its lowest level since 2001, according to research.

CBRE's quarterly analysis of the Scottish market revealed £212 million of property investment deals were completed in the final three months of 2012.

That brought the total across the year to £1.01 billion, which was 15% down on the amount recorded in 2011 and the weakest since the £919m recorded in 2001.

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Across 2012, the office sector was the busiest at £426m representing 42% of deals, compared to a five-year average of 36%.

Total returns for the office sector were at -0.6% meaning Scotland performed better than anywhere else in the UK outside of London.

Reflecting difficult conditions on the high street, retail property transactions came in at £190m, 19% of all deals and well below the five-year average of 37%. Returns in retail were at -0.5% across the year with the west end of London the top performer at 13.4%

In the industrial sector, value was relatively flat at £146m, however, returns were strong. Across 2012, Scottish industrials brought returns of 3.3% compared to the UK figure of 3.3%

Aileen Knox, senior director at CBRE (Scotland), said the Scottish market had performed well in comparison to the rest of the UK and added: "Looking ahead to 2013, it is expected that the market will not change dramatically and that conditions will be similar to that of 2012."