* Commercial transactions weak across global markets
* No sign of improvement in market conditions
* Shares down 4.4 percent
(Adds details, share price)
LONDON, May 6 (Reuters) - Global real estate broker Savills said on Wednesday the market for commercial property across Europe, Asia and the U.S. remained weak so far this year, as a lack of capital forced buyers to remain on the sidelines.
"During the period to date there has been little change in market conditions and as yet no evidence of any sustainable improvement," the London-listed agent said in a trading update, adding that it continued to cut costs.
At 1140 GMT, Savills' shares were down 4.4 percent at 269 pence each, against the broader UK property stocks index which rose 2.7 percent.
The property broker slashed dividends in March and gave a cautious outlook for 2009, after it reported a 61 percent fall in 2008 pretax profits as activity in the global property market plunged last year.
In the UK, the occupier market for London offices in the first four months of 2009 has been hit particularly hard by reduced demand, which has caused rents to fall, said Savills, which has over 200 offices and affiliates worldwide. It said the outlook across Europe also remained weak with particular uncertainty in Ireland, but its businesses in Germany and the Netherlands had started 2009 well.
In Asia, Savills said few institutional buyers have completed transactions, although some private buyers have acquired property at heavy discounts. (Reporting by Daryl Loo; Editing by Jon Loades-Carter) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)