The housebuilder Barratt Developments and Britain's largest commercial property landlord, Land Securities, added to the gloom in the sector yesterday with bleak forecasts for the rest of the year. Land Securities, which is demolishing part of Fenchurch Street station in London to build an office block dubbed the Walkie Talkie, said the slump in commercial property values was past the worst but the firm would face pressure to cut rents from tenants hit by the credit crunch.

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