Office buildings in London’s financial district will lose a fifth of their value in the year through March, said JPMorgan Chase & Co. analysts, who stopped recommending clients buy shares of The British Land Co. Plc.

City valuations have deteriorated in recent months, with statistics from Investment Property Databank Index showing an 8% decline, analysts including Neil Green said in a note to clients.

They downgraded British Land — whose tenants include UBS Group AG and TP ICAP Group Plc — to neutral after two years at overweight.

“We are concerned that selling pressure will grow in the City office market,” they wrote, warning that unrealized losses on assets may trigger disposals.

Read: ‘Oversold’ UK Property Stocks a Value Play, Morgan Stanley Says

The City of London office market has been hit by worries about the UK economy and refinancing as interest rates surged, and has faced competition from London’s West End.

A slump for British Land’s stock has seen the firm drop out of the UK FTSE 100 and MSCI’s Global Standard indexes. JPMorgan estimates that this would have resulted in passive funds offloading 83.5 million shares.

British Land was down 0.3% as of 11:46 a.m. in London, taking a year-to-date decline to 21%. The stock has fallen 36% since JPMorgan upgraded it to overweight in June 2021.