Tim Wheeler, chief executive of Brixton, described the commercial property market in Britain as "apocalyptic" and quoted the lyrics of one of Dylan's best known songs, The Times of London reported Tuesday.

"The opening lines of Bob Dylan's 'All Along the Watchtower' seem to capture the beleaguered mindset of the U.K. commercial real estate market," Wheeler said.

"There must be some way out of here, said the joker to the thief. There's too much confusion, I can't get no relief," he quoted.

The executive said valuations have been rendered difficult to accurately assess due to an escalating economic slowdown and the recent credit crunch.

"There is confusion -- and an element of denial -- over direct property pricing due to lack of transactions," Wheeler said.